Ms. Rewa Bala owns a city home in Brandon, as well as a chalet in the Gold
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Question:
Ms. Rewa Bala owns a city home in Brandon, as well as a chalet in the Gold Snow area. The city home was purchased in 2008 at a cost of $172000. The chalet was purchased in 2014 for $89000. On July 1, 2021, the house is sold for $214000 and the chalet is sold for $122000. A real estate commission of 6% was paid on each sale. She has spent some time in each property every year from 2014 through 2021.
Required (show all calculations)
- Show capital gain calculation for each property in a proper format.
- Calculate the gain exemption for each property in a proper format.
- Determine the minimum capital gain that Ms.Bala must report for 2021 as a result of the sale of two properties.
Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
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