Sam Dadams sold his ski chalet for $425,000 on November 10, 2019. The ski chalet had...
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Sam Dadams sold his ski chalet for $425,000 on November 10, 2019. The ski chalet had an adjusted cost base of $285,000 and was NOT used as a principal residence by Sam. Sam received $50,000 in cash on November 10, 2019, $125,000 on December 10, 2020, and will receive the remaining $250,000 on September 10, 2021. Required: Calculate the minimum taxabie capital gain for Sam to include in net income for each of 2019 and 2020, related to the sale of the ski chalet. Sam Dadams sold his ski chalet for $425,000 on November 10, 2019. The ski chalet had an adjusted cost base of $285,000 and was NOT used as a principal residence by Sam. Sam received $50,000 in cash on November 10, 2019, $125,000 on December 10, 2020, and will receive the remaining $250,000 on September 10, 2021. Required: Calculate the minimum taxabie capital gain for Sam to include in net income for each of 2019 and 2020, related to the sale of the ski chalet.
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Capital gain for 2019425000285000 140000 Capital gain for 2... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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