Mr. Market traded in shares of Blue Inc. during the current year. His transactions were as follows:

Question:

Determine the ACB of the shares sold. Mr. Market did not own any shares of Blue Inc. before January 15. Income tax reference: ITA 47(1).

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Canadian Income Taxation Planning And Decision Making

ISBN: 9781259094330

17th Edition 2014-2015 Version

Authors: Joan Kitunen, William Buckwold

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Question Posted: Dec 19, 2015 04:14 AM

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Mr. Market traded in shares of Blue Inc. during the current year. His transactions were as follows:

Question:

January 15 Purchased March 7 Purchased November 21 Sold No. of shares 200 300 (100) Cost per share $45 $22 $45 Total $9,000 $6,600 $4,500

Step by Step Answer:

ITA 471 Identical properties Blue Inc shares Proceeds 4500 ACB 3120 Capital gain 1380 Ta...View the full answer

Canadian Income Taxation Planning And Decision Making

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