CAP GAINS DEMO

CAP GAINS DEMO - 1 CAPITAL GAINS DEMONSTRATION PROBLEM...

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1 CAPITAL GAINS DEMONSTRATION PROBLEM Prior to Mr. Taxpayer’s move to another province on November 20, 20X4, he sold the following properties, all of which were acquired subsequent to 1971. Bell Enterprises Limited shares Proceeds $100,000 Cost 40,000 House and 1/2 hectares of land Cost $ 82,000 Proceeds 140,000 Apartment block (situated on leasehold land) Capital cost $200,000 Undepreciated capital cost 150,000 Proceeds 190,000 Car Cost $ 13,000 Proceeds 8,400 Painting Cost $ 900 Proceeds 1,100 Plot of land Proceeds $ 30,000 Cost 20,000 The purchaser of the land paid 50 per cent on closing and is committed to paying 25 per cent on July 1, 20X5 and July 1, 20X6. In 20X5, Mr. Taxpayer disposed of the following assets: Cost Proceeds Recreation Vehicle $12,000 $20,000 Summer Cottage 8,000 6,000 Set of Stamps 800 1,300 Bank of Montreal shares 12,000 30,000
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2 Mr. Taxpayer’s 20X3 tax return indicated that the following could be carried to 20X4: Non-capital losses $8,000 Capital losses 4,000
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This note was uploaded on 01/07/2012 for the course ACCT 4453 taught by Professor Gorman during the Spring '11 term at Dalhousie.

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CAP GAINS DEMO - 1 CAPITAL GAINS DEMONSTRATION PROBLEM...

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