Two years ago, Marc invested $7,000 in the Call of Duty Mutual Fund which invests in gaming
Question:
Two years ago, Marc invested $7,000 in theCall of Duty Mutual Fundwhich invests in gaming companies; he received 7,000 units. As of November 25, 2022, Marc's investment grew to $7.00/unit! Marc needed money to buy a PS5 and decided to sell 150 units. Marc is in the top marginal tax bracket. After taxes, deferred sales charges and commissions are paid,calculate the amount Marc will have remaining to buy his PS5 as he knows he needs around $700. Show calculations and explain
Note: Use the Declining Redemption Schedule below to determine the back-end load fee using the second year (the amount of the fee is based on the value of the fund when it is redeemed (sold)). Marc'sbroker charges a 2% commission on the sale after the Deferred Sales Charge is applied.
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold