Mr. Bonkers , a shareholder of ABC company sold a piece of property that he purchased in 1990 for $200,000 to Corp X. for $500,000. Just before the sale of the property, MR X had the property appaaised and after waiting two weeks, the property was appraised at $450,000. Required: Calculate 15(1) benefits and the capital gains to MR X as well as the ACB to ABC Corporation?

Answer rating: 100% (QA)

Capital Gains and ACB for Mr Bonkers and ABC Corporation 1 Capital Gains Capital gains refer to the ... View the full answer