On November 1, 2020, Miss Stevens sells a capital property for $500,000. The adjusted cost base of the property is $230,000 and she incurs selling costs in the amount of $20,000. She receives an immediate cash payment of $200,000 on November 1, 2020, with the balance of the $500,000 to be paid on June 1, 2026. Miss Stevens wishes to use reserves to defer the payment of taxes on capital gains for as long as possible. Required: 

Calculate the amount of the minimum taxable capital gain that would be included in Miss Stevens’ Net Income For Tax Purposes for each of the years 2020 through 2026.

Answer rating: 100% (QA)

Answer FOR THE YEAR 2020 Total Capital Gain 5000002300... View the full answer