Mr. Smith died on June 30 of this year and left his entire estate to his son,
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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 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?
Related Book For
Advanced Accounting
ISBN: 978-0133451863
12th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Posted Date: