Question
An individual sold the following assets this year. Sale price Cost Selling cost Painting . . . . . . . . . . .
An individual sold the following assets this year.
Sale price Cost Selling cost
Painting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,000 $ 300 $100
Antique clock . . . . . . . . . . . . . . . . . . . . . . . . . . .12,000 250 20
Antique chair . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 500 15
Gold Coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .600 1,000 10
Mr. Individual has an unclaimed capital loss on listed personal property of $500 arising three years ago. All these assets were purchased within the last 10 years.
 Required: Calculate the net taxable capital gains for Mr. Individual based on Canadian taxation.
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Financial Accounting and Reporting a Global Perspective
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
4th edition
978-1408066621, 1408066629, 1408076861, 978-1408076866
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