On January 15, 2019, Ms. Michelle Pyatt purchases 35,000 Eastern Caribbean dollars (EC$) at a rate of
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Question:
On January 15, 2019, Ms. Michelle Pyatt purchases 35,000 Eastern Caribbean dollars (EC$) at a rate of EC$1 = C$0.27.
Using EC$30,600 of these funds, on June 7, 2019, she acquires 450 shares of a Grenadan company, Mattle Inc. at a price of EC$68 per share. At this time EC$1=C$0.35.
During September 2020, the shares are sold for EC$96 per share. The EC$ are immediately converted to Canadian dollars at a rate of EC$1 = C$0.17.
What amount will be included in Mr. Pyatt's 2019 Net income for Tax Purposes as a result of these transactions?
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