Colin Fitzgerald sold capital property in 2022 for $600,000 and incurred $24,000 in selling costs. The property
Question:
Colin Fitzgerald sold capital property in 2022 for $600,000 and incurred $24,000 in selling costs. The property had an adjusted cost base of $176,000. Colin received $150,000 at the time of the sale and a note for the balance. The note is to be repaid over nine years in equal instalments of $50,000, commencing in 2023.
Determine the minimum taxable capital gain to be reported by Colin in 2022, 2023, and 2024.
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The minimum taxable capital gain to be reported is 50000 in 202...View the full answer
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Related Book For 
Canadian Income Taxation 2022/2023
ISBN: 9781260881202
25th Edition
Authors: William Buckwold, Joan Kitunen, Matthew Roman
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