Fung Wo purchased vacant land on a remote island off the coast of British Columbia on January 1, 2014 for $50,000. She intended to re-sell it for a profit the next year but due to an oil spill, property values dropped. She was finally able to sell the vacant land for $45,000 on December 31, 2017. In the meantime, she paid property taxes of $500 each year. For 2017 tax purposes, Fung Wo has:

A. An allowable capital loss of $2,500

B. An allowable capital loss of $3,500

C. A net business loss of $5,000

D. A net business loss of $7,000

Answer rating: 100% (QA)

C A n... View the full answer