Colin sold capital property in 20X1 for $600,000 and incurred $24,000 in selling costs. The property had

Question:

Colin sold capital property in 20X1 for $600,000 and incurred $24,000 in selling costs. The property had an adjusted cost base of $176,000. Colin received $150,000 at the time of the sale and a note for the balance. The note is to be repaid over nine years in equal installments of $50,000, commencing in 20X2.
Determine the minimum taxable capital gain to be reported by Colin in 20X1, 20X2, and 20X3. Income tax reference: ITA 40(1)(iii).