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Question

Mr. TP sold the following properties during 2015:


Date

of

Purchase

Capital

Cost

U.C.C.

Selling

Expenses

Proceeds of

Disposal


Auto (personal)

Shares of CCPCo

(Note 1)

Jewellery

Residence (Note 2)

Painting

Antique Clock

Shares (Public Corp)

Business machinery

(no assets left)

(Class 8)

Land (Note 3)

1994


1993

1982

1996

1982

1985

1986


1983

1984

7,000


10,000

3,000

90,000

300

700

3,000


5,000

35,000

----


----

----

----

----

----

----


1,500

----

500


300

100

7,200

50

100

500


----

4,500

3,500


7,000

5,000

310,000

1,500

1,000

2,500


500

90,000


Notes

:


1.

These shares are shares of a small business corporation.


2.

Mr. TP sold a cottage in 2003 at which time he designated it as his principal

residence for 4 years. The cottage was purchased in 1999.


3.

The land sold was sold on an agreement for sale which provided for payment of

$22,500 down payment and $13,500 per year for 5 years. $22,500 was collected in

2015.


REQUIRED:


Calculate the capital gain or capital loss for each of the above dispositions made during

2015. Show ALL tax implications regarding 2015 purchases and disposals.

Summarize the results using Section 3

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