Frank owns land with an adjusted cost base of $325,000 and a fair market value of...
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Frank owns land with an adjusted cost base of $325,000 and a fair market value of $425,000. He gifts the land to his son for no consideration i.e., for $0. Which of the following statements is correct? a) Frank will have a taxable capital gain of $100,000 and the adjusted cost base of the land to his son will be $325,000. Ob) Frank will have a taxable capital gain of $50,000 and the adjusted cost base of the land to his son will be $425,000. Oc) Frank will have a taxable capital gain of $100,000 and the adjusted cost base of the land to his son will be $425,000. Od) Frank will have a taxable capital gain of $50,000 and the adjusted cost base of the land to his son will be $325,000. Frank owns land with an adjusted cost base of $325,000 and a fair market value of $425,000. He gifts the land to his son for no consideration i.e., for $0. Which of the following statements is correct? a) Frank will have a taxable capital gain of $100,000 and the adjusted cost base of the land to his son will be $325,000. Ob) Frank will have a taxable capital gain of $50,000 and the adjusted cost base of the land to his son will be $425,000. Oc) Frank will have a taxable capital gain of $100,000 and the adjusted cost base of the land to his son will be $425,000. Od) Frank will have a taxable capital gain of $50,000 and the adjusted cost base of the land to his son will be $325,000.
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Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
Posted Date:
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