485 Big Pharma shares $490 per share Additional information: On the sale of the shares, Dr....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
485 Big Pharma shares $490 per share Additional information: On the sale of the shares, Dr. Roy paid a brokerage commission of $3,100. 1100 Dr. Jacob Roy Professional Corporation $3.050 per share $85 per share Additional information: Dr. Roy had to liquidate some shares of his privately owned professional corporation (which operates his dental practice) to pay for a settlement to his former spouse. Dr. Roy paid legal fees related to this sale of shares of $16,540. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC). $4.200 Gold ring Additional information: Dr. Roy inherited this ring from his mother's estate. At the time of his mother's death, the ring had a fair market value of $270. Westjet shares $50 per share (December) Various Additional information: Dr. Roy purchased the Westjet shares over a period of time. Several years ago, he purchased 1,200 shares for $21 per share. In January of the previous taxation year, Dr. Roy purchased 700 shares for $19 per share. In April of the previous taxation year, Dr. Roy sold 1,300 shares at $30 per share to buy a gift for his wife. In June of the current taxation year, Dr. Roy purchased 1,050 shares for $29 per share. In October of the current taxation year, Dr. Roy purchased another 1,400 shares for $34 per share. In December of the current year, Dr. Roy sold all of his remaining Westjet shares. There are no brokerage fees on any of the Westjet share transactions. Sailboat Speedboat Principal Residence Vacant Land Requirement 1. Calculate the capital gain (or loss) for each of the dispositions in the current taxation year. Fill in the table below showing the capital gain (or loss) for each item. (Round your answers to the nearest cent. Enter losses with parentheses or a minus sign.) Asset Description Big Pharma Shares Dr. Harold PC Shares Gold Ring Westjet Shares Capital gain (or loss) $680 per share Sailboat: 92,000 -82,000 10,000 Speedboat: 51,000- 74,000 (23,000) $10,000.00 $(23,000.00) $170,000.00 $(291,985.00) $(95,250.00) $3,244,960.00 $3,200.00 $62,288.00 $0 Home: 395,000-225,000 170,000 Vacant land: 45,000-335,000-1,500-485-291,985 Big Pharma Shares: 485 (490-680) -3,100 - 95,250 Professional Corporation: 1,100 (3050-85)-16,540 - 3,244,960 Gold ring: Westjet 485 Big Pharma shares $490 per share Additional information: On the sale of the shares, Dr. Roy paid a brokerage commission of $3,100. 1100 Dr. Jacob Roy Professional Corporation $3.050 per share $85 per share Additional information: Dr. Roy had to liquidate some shares of his privately owned professional corporation (which operates his dental practice) to pay for a settlement to his former spouse. Dr. Roy paid legal fees related to this sale of shares of $16,540. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC). $4.200 Gold ring Additional information: Dr. Roy inherited this ring from his mother's estate. At the time of his mother's death, the ring had a fair market value of $270. Westjet shares $50 per share (December) Various Additional information: Dr. Roy purchased the Westjet shares over a period of time. Several years ago, he purchased 1,200 shares for $21 per share. In January of the previous taxation year, Dr. Roy purchased 700 shares for $19 per share. In April of the previous taxation year, Dr. Roy sold 1,300 shares at $30 per share to buy a gift for his wife. In June of the current taxation year, Dr. Roy purchased 1,050 shares for $29 per share. In October of the current taxation year, Dr. Roy purchased another 1,400 shares for $34 per share. In December of the current year, Dr. Roy sold all of his remaining Westjet shares. There are no brokerage fees on any of the Westjet share transactions. Sailboat Speedboat Principal Residence Vacant Land Requirement 1. Calculate the capital gain (or loss) for each of the dispositions in the current taxation year. Fill in the table below showing the capital gain (or loss) for each item. (Round your answers to the nearest cent. Enter losses with parentheses or a minus sign.) Asset Description Big Pharma Shares Dr. Harold PC Shares Gold Ring Westjet Shares Capital gain (or loss) $680 per share Sailboat: 92,000 -82,000 10,000 Speedboat: 51,000- 74,000 (23,000) $10,000.00 $(23,000.00) $170,000.00 $(291,985.00) $(95,250.00) $3,244,960.00 $3,200.00 $62,288.00 $0 Home: 395,000-225,000 170,000 Vacant land: 45,000-335,000-1,500-485-291,985 Big Pharma Shares: 485 (490-680) -3,100 - 95,250 Professional Corporation: 1,100 (3050-85)-16,540 - 3,244,960 Gold ring: Westjet
Expert Answer:
Answer rating: 100% (QA)
1 Calculate the capital gain or loss for each disposition Asset Description Capital gain or ... View the full answer
Related Book For
Posted Date:
Students also viewed these law questions
-
Since Ryanair DAC's2 emergence as an upstart challenger to the Aer Lingus Ltd.-British Airways plc duopoly in the late 1980s, it had been both a consumer champion and antagonist; a technological...
-
Let A, B be sets. Define: (a) the Cartesian product (A B) (b) the set of relations R between A and B (c) the identity relation A on the set A [3 marks] Suppose S, T are relations between A and B, and...
-
Which of the following activity bases would best be used to allocate setup activity to products? a. Number of inspections b. Direct labor hours c. Direct machine hours d. Number of production runs
-
In the battle of the sexes game, the husband likes to go to the mountains on vacation, and the wife prefers the ocean, but they both prefer to take their vacations together. What are the Nash...
-
Distinguish between funded and unfunded pension plans; between contributory and noncontributory pension plans.
-
A study collected data comparing treatments for kidney stones. Two of the treatments studied were open surgery and percutaneous nephrolithotomy. Treatment was deemed "successful" if, after three...
-
The COSO internal control framework identifies five components of an entity's internal control. Which, if any, of those five components of Avon's internal control were flawed? Explain. If there were...
-
Sparkit issued 2 0 - year bonds with a face value of $ 2 , 0 0 0 , 0 0 0 . The interest is paid semiannually. The market rate of interest was 7 % . If the proceeds were $ 1 , 7 8 6 , 4 4 9 . 2 8 ,...
-
Prepare the statements of financial position of Mother Ltd and the consolidated statement of financial position as at 1 January 2020 after each transaction, using for each question the statements of...
-
How does cultural intelligence go beyond the commonly discussed topics of language, traditions, and so on? What are some deeper, systemic elements of cultural differences?
-
Can you expound upon the intricacies of the Shortest Job Next (SJN) scheduling algorithm, highlighting its role in minimizing average waiting time and its implications on overall system performance?
-
PART 1 - Incremental Analysis Gagandeep Corporation manufactures basketballs. Currently they have capacity to produce 15,000 basketballs during the quarter. Gagandeep Corp. receives a special order...
-
GOVERNMENT 2 Case Study 2: Sally Sally is a 41-year-old woman with two school-age children. Sally has come to the Cultural Hub Community Centre, following a referral from her GP after breaking down...
-
An insurer has requested a client's record to be sent via fax to ascertain payment. What should the social worker do: A. Comply with the request and send the record. B. Refuse the insurer's request...
-
The management of Penfold Corporation is considering the purchase of a machine that would cost $340,000, would last for 4 years, and would have no salvage value. The machine would reduce labor and...
-
r = 0.18 Find the coefficients of determination and non-determination and explain the meaning of each.
-
Under what circumstances would you advise a not-for-profit organization to use fund accounting?
-
Saturn Ltd., a Canadian company, purchased 100% of the common shares of a New Zealand company, Tethys Ltd., on December 31, 2012, for NZ$125,000 (New Zealand dollars). The entire purchase discrepancy...
-
What recognition criteria are applied to assets and liabilities acquired in a business combination?
-
Which of the following is a sale of goods and therefore is covered by Article 2 of the Uniform Commercial Code? A. Development, implementation, hosting, and operation of sophisticated computing...
-
Kemesia Boota Ward signed a contract on February 17, 2010, to hold her wedding reception at the Deauville Hotel on July 9, 2010. (The wedding ceremony was being held elsewhere.) Renting the ballroom...
-
December 2007. When she joined, she signed a membership agreement that had a release of liability that stated: 24 Hour. will not be liable for any injury, including, without limitation, personal,...
Study smarter with the SolutionInn App