You have the following properties which you will dispose of in 2020. Your ACB for these properties
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Question:
You have the following properties which you will dispose of in 2020. Your ACB for these properties is given below.
Asset | Proceeds | ACB |
Family car | $ 4,000 | $ 14,000 |
Painting (artwork) | 1,500 | 500 |
Stamp collection | 800 | 1,200 |
Shares in ABC, a public company | 6,000 | 4,000 |
Shares in XYZ, a public company | 12,000 | 15,000 |
Shares in a small business corporation | 10,000 | 25,000 |
You have listed personal property (LPP) loss carryover from two years prior of $150 (100%).
Required:
Determine the tax implications of the transactions for 2020.
Related Book For
Finance Applications and Theory
ISBN: 978-0077861681
3rd edition
Authors: Marcia Cornett, Troy Adair
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