JJJ Co, a public company gives the following accounting information for this year: Transaction Proceeds of sale
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Question:
JJJ Co, a public company gives the following accounting information for this year:
Transaction | Proceeds of sale | Purchase cost |
Qualified QSBC share sale | 200,000 | 100,000 |
Scotia bank share sale | 10,000 | 20,000 |
LPP painting sales | 11,000 | 300 |
PUP furniture sale | 3,000 | 5,000 |
Capital gains deduction for the QSBC share sale (determined to the final allowed amount for this year) is $20,000.
The net taxable capital gain for section 3C, tax purpose is?
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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