This year, May sold a parcel of land. The gross proceeds were $300,000 and the cost of land was $120,000. The proceeds of $300,000 are payable in four equal instalments of $75,000, due on June 1 each year, commencing this year. What is the maximum capital gains reserve May can take this year?

Answer rating: 100% (QA)

In this scenario May is eligible to claim a capital gains reserve since she is receiving ... View the full answer