Jason sold land that is capital property to a corporation in which he owned all of...
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Jason sold land that is capital property to a corporation in which he owned all of the shares using the provisions of ITA 85(1). The ACB of the land was $60,000 and it had a FMV of $120,000 at the time of the sale. In order to utilize a capital loss, Jason elected a transfer price of $105,000. What is the ACB of the land to the corporation? Jason received $120,000 in share consideration. Jason sold land that is capital property to a corporation in which he owned all of the shares using the provisions of ITA 85(1). The ACB of the land was $60,000 and it had a FMV of $120,000 at the time of the sale. In order to utilize a capital loss, Jason elected a transfer price of $105,000. What is the ACB of the land to the corporation? Jason received $120,000 in share consideration.
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Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
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