Canada tax

Question 1

Jacob makes the following purchases of shares of ABC, a public Canadian company:

2001: 80 shares, $15 each

2002: 230 shares, $75 each

2003: 370 shares, $19.50 each

The shares are capital asset to Jacob. Jacob sells 80 shares during the current taxation year and receives proceeds from the sale of $9,000. How much Jacob's gross capital gain on sale?

A. $7,800

B. $6,000

C. $5,981

D. $0

Question 2

In 20X4, Mrs. Holmes bought her principal residence for $180,000. In 20X5 she sold the house for $200,000. What would be the amount of the taxable capital gain Mrs. Holmes would report in 20X5?

A. $30,000

B. $0

C. $20,000

D. $10,000

Question 3

In 20X4, Mrs. Holmes bought her principal residence for $180,000. In 20X5 she sold the house for $200,000. What would be the amount of the taxable capital gain Mrs. Holmes would report in 20X5?

A. $30,000

B. $0

C. $20,000

D. $10,000