Mr Smith died on June 30 of this year and left his entire estate to his son, Mark His executor has provided you with a list of assets and their fair market value at the date of death List of Assets Cost Fair Market Value Toronto home (sole principal residence during past 23 years) $300,000 $840,000 Rental property in London, Ontario Land $50,000 $100,000 Building (UCC $2,000) $25,000 $35,000 Mutual funds units $12,000 $60,000 Shares of public companies $90,000 $100,000 Required What is the amount that must be included in Mr Smiths Division B income (Recapture and Taxable capital gain) for the year of death

Question: Mr. Smith died on June 30 of this year and left his entire estate to his son, Mark. His executor has provided you with a

Mr. Smith died on June 30 of this year and left his entire estate to his son, Mark. His executor has provided you with a list of assets and their fair market value at the date of death.

List of Assets	Cost	Fair Market Value
Toronto home (sole principal residence during past 23 years)	$300,000	$840,000
Rental property in London, Ontario
—Land	$50,000	$100,000
—Building (UCC: $2,000)	$25,000	$35,000
Mutual funds units	$12,000	$60,000
Shares of public companies	$90,000	$100,000

Required: What is the amount that must be included in Mr. Smith’s Division B income (Recapture and Taxable capital gain) for the year of death?

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