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18. Misha is much older than her husband Scott. In 1984, Misha bought a cottage for $60,000. When she died in 2009, the cottage was
18. Misha is much older than her husband Scott. In 1984, Misha bought a cottage for $60,000. When she died in 2009, the cottage was worth $195,000. Mishas executor elected NOT to use the spousal rollover provision on her final tax return. Scott transferred the cottage to his name in 2011 when it was worth $210,000. He sold the cottage in 2014 for $230,000. Complete the following table showing all calculations. (7 marks).
Change in Fair Market Value from prior valuation | Taxable Capital Gain for this transaction | Tax paid by | ||
Misha dies | ||||
Scott transfers title to her name | ||||
Scott sold the cottage |
Total Gain: |
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