During 2019, a capital property with an adjusted cost base of $151,173 is sold for $100,849. The

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During 2019, a capital property with an adjusted cost base of $151,173 is sold for $100,849. The proceeds of disposition are made up of $53,410 in cash, plus a purchaser’s note for the unpaid amount of the proceeds of disposition. In 2020, the purchaser's note proves to be uncollectible.

What are the tax consequences of these events in 2020?

Related Book For answer-question

South western Federal Taxation 2017 Corporations, Partnerships, Estates and Trusts

ISBN: 9781305874336

40th edition

Authors: William H. Hoffman, William A. Raabe , David M. Maloney, James C. Young

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Posted Date: Aug 19, 2021 06:50 AM

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During 2019, a capital property with an adjusted cost base of $151,173 is sold for $100,849. The

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In 2019 Cost of property 151173 Sale Value 100849 Sale p... View the full answer

South western Federal Taxation 2017 Corporations, Partnerships, Estates and Trusts

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