During the current year kyle sold shares for $40,000 that he had purchased in 1985 for $50,000.
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Question:
During the current year kyle sold shares for $40,000 that he had purchased in 1985 for $50,000. These shares are considered to be qualified small business corporation shares (QSBCS) and the only type of shares he has owned in his life time.
What impact does the transaction have on kyles taxable income.
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