QUESTION

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B sold capital property in the current year for net proceeds of $\$ 800,000$. The property has an adjusted cost base of $\$ 300,000$. B received $\$ 500,000$ at the time of the sale and a note for the balance to be paid in equal annual instalments over the following three years. What is the minimum taxable capital gain to be reported in the current year?


$\mathrm{C}$ sold capital property in Year 1 for net proceeds of $\$ 500,000$. The property has an adjusted cost base of $\$ 100,000 . C$ received $\$ 200,000$ at the time of the sale and a note for the balance to be paid in equal annual instalments over the following three years. What is the minimum taxable capital gain to be reported in Year 2?

K sold 4,000 shares of a public company for $\$ 16,000$. Before the sale, $K$ owned 12,000 shares, an initial 7,000 were purchased for $\$ 14,000$ and an additional 5,000 were purchased for $\$ 10,000$ twenty days before the sale. What amount is to be reported in net income for tax purposes? \[ \$ \]

Public Answer

8JKSH3 The First Answerer