Paragraph 3(b): Taxable Capital Gain Subdivision c Par. 40(2)(b) ACB... SC. Gain.... House: P of D...

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Paragraph 3(b): Taxable Capital Gain Subdivision c Par. 40(2)(b) ACB... SC. Gain.... House: P of D ($ + $ )..... 1+12(3) Exempt portion 14 $ Capital gain..... TCG (1/2 $ )..... $ $ $ 1 (2) Net proceeds on the sale of her house on March 15, 2018 net of real estate commission of $12,000.. $188,000 The house cost $90,000 in 2005. She had previously sold her cottage in 2007, giving the cottage the maximum designation as a principal residence in order to have a nil taxable capital gain. Expenditures/Losses: (1) Investment counsellor's fees $ 1,100 (2) Interest on bank loan to purchase shares 850 (3) Registered retirement savings plan contribution. 14,000 Ms. Sui's earned income in 2017 was $170,000. The PA on her 2017 T4 was $7,000. (4) Ms. Sui incurred meals and entertainment expenses. 8,300 (5) Rental loss (before CCA).. 3,500 (6) Ms. Sui invested in a limited partnership tax shelter in 2018. The loss per form T5013 is $3,200. She invested $5,000 in the partnership units in early 2018. Paragraph 3(b): Taxable Capital Gain Subdivision c Par. 40(2)(b) ACB... SC. Gain.... House: P of D ($ + $ )..... 1+12(3) Exempt portion 14 $ Capital gain..... TCG (1/2 $ )..... $ $ $ 1 (2) Net proceeds on the sale of her house on March 15, 2018 net of real estate commission of $12,000.. $188,000 The house cost $90,000 in 2005. She had previously sold her cottage in 2007, giving the cottage the maximum designation as a principal residence in order to have a nil taxable capital gain. Expenditures/Losses: (1) Investment counsellor's fees $ 1,100 (2) Interest on bank loan to purchase shares 850 (3) Registered retirement savings plan contribution. 14,000 Ms. Sui's earned income in 2017 was $170,000. The PA on her 2017 T4 was $7,000. (4) Ms. Sui incurred meals and entertainment expenses. 8,300 (5) Rental loss (before CCA).. 3,500 (6) Ms. Sui invested in a limited partnership tax shelter in 2018. The loss per form T5013 is $3,200. She invested $5,000 in the partnership units in early 2018.

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ANSWER In paragraph 3b of the provided text there is a mention of taxable capital gain It appears to ... View the full answer