In preparation for retirement and to provide an emergency fund, Simran sold a number of rare coins
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Question:
In preparation for retirement and to provide an emergency fund, Simran sold a number of rare coins directly to a dealer this year for $14,200. The adjusted cost base (ACB) on the coins was $4,600. She also sold her stamp collection for $8,200, which had an ACB of $8,850. Simran paid the dealer a $350 commission on the sales. Calculate Simran's total capital gain on the 2 transactions.
a. | She has a net capital gain of $8,600 | |
b. | She has interest of $8,950 | |
c. | She has a net interest of $9,600 | |
d. | She has a net capital gain of $4,300 |
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
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