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Bardur purchased 1200 shares of Verity Inc in 2018 for $50/shares. In 2019, they purchased another 800 shares for $60/share. They sold 1000 shares
Bardur purchased 1200 shares of Verity Inc in 2018 for $50/shares. In 2019, they purchased another 800 shares for $60/share. They sold 1000 shares when the share price began to drop. They sold the shares for $45/share on September 13. The shares price began to recover, so they purchased 500 shares at $50/share on October 10. In addition to the above transactions, they sold Year acquired POD ACB Expenses Shares in Yaroo 2015 26,000 15,000 500 Painting 1952 120,000 20,000 1,800 1st edition 1902 book Car 1966 12,000 15,000 180 2009 19,000 32,000 0 Rare Garden Gnome 1975 11,000 800 0 Bardur has the following loss carryovers: LPP loss carryover from 2019 of $2,500. Net capital loss carryover from 2017 of $1,500 Required: a. Calculate the ACB per share of the remaining Verity Inc. shares. b. Calculate the total in ITA 3(b). c. Calculate the tax effect of the above transactions on taxable income. d. Calculate the remaining loss carryover pool balances.
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