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1. Harim sold several personal assets during the year. The relevant information for all properties sold is shown below : Selling Proceeds Cost Expenses Tools
1. Harim sold several personal assets during the year. The relevant information for all properties sold is shown below : Selling Proceeds Cost Expenses Tools $800 $3,000 $50 Lawn mower $500 $1,200 $50 Personal Residence $675,000 $750,000 $25,000 Vintage Car $22,000 $500 $1,500 Antique Furniture $10,000 $3,000 $500 Which of the following amounts corresponds to the total taxable capital gain resulting from all the above transactions that must be included in the calculation of Net Income for the year under ITA 3(b): A. -$38,250 B. $13,000 C. NIL D. -$24,700 E. $354,150 F. -$38,150 G. $13,250 H. None of the choices shown
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