Harvey Caseman died on July 15, 20X1. At the time of his death, he owned the assets listed in the table below.

Over the years Caseman has claimed capital cost allowance on the building. Its undepreciated capital cost is $28,000.
In his last will and testament, Caseman directed his executors to transfer the rental property to his two children and the piano to his spouse.
Required:
1. Determine to what extent, if any, Caseman€™s net income for tax purposes for 20X1 will be affected by his death.
2. What are the tax implications to the spouse and children if they sell the property immediately after they receive ownership?

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Cost $10,000 40,000 5,000 Value S15,000 60,000 8,000 Rental property - Land Building Piano