Question 5 (1 point)

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A sofa (personal use property) that had been purchased for $600 was sold during the year. The proceeds of disposition totaled $700. The capital gain on the transaction is $100.

Question 5 options:

	a) True
	b) False

Question 6 (1 point)

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A sofa that had been purchased for $600 was sold during the year. The proceeds of disposition totaled $500. The allowable capital loss on the transaction is $100.

Question 6 options:

	a) True
	b) False

Question 7 (1 point)

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A sofa that had been purchased for $600 was sold during the year. The proceeds of disposition totaled $1,500. The taxable capital gain on the transaction is $250.

Question 7 options:

	a) True
	b) False