Dr. Jacob Jones is 36 years old and is in the process of getting a divorce. As part of the divorce proceedings, Dr. Jones must sell a number of his assets and holdings in order to divide the assets of the marriage and pay a large settlement to his former spouse, Jillian Jones. Dr. Jones has provided you with the following list of assets that he sold in the current year, including the asset cost and the proceeds of disposition:

Asset Description		Proceeds of Disposition		Original Price Paid
Sailboat		$92,000.00		$83,000.00
Speedboat		$51,000.00		$73,000.00
Home		$380,000.00		$235,000.00
Additional information: The home was the principal residence for Dr. Jones and his former spouse for 10 years, ending in the current taxation year. Last year, Dr. Jones sold his cabin at the lake, which he claimed as his principal residence for two taxation years (the cabin at the lake was designated as Dr. Jones's principal residence for the two most recent taxation years.) Therefore, this home cannot be claimed as Dr. Jones's principal residence for those years.
Vacant land		$48,000.00		$330,000.00
Additional information: Dr. Jones bought this vacant land as an investment property. Since its purchase, the land has been vacant and Dr. Jones has not earned any income on the land, but he paid $16,000 in property taxes and $505 on mortgage interest on the land during this time.
505 Big Pharma shares		$505 per share		$680 per share
Additional information: On the sale of the shares, Dr. Jones paid a brokerage commission of $3,000.
1,050 Dr. Jacob Jones Professional Corporation		$2,950 per share		$105 per share
Additional information: Dr. Jones had to liquidate some shares of his privately owned professional corporation (which operates his dental practice) to pay for a settlement to his former spouse. Dr. Jones paid legal fees related to this sale of shares of $16,580. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC).
Gold ring		$4,300		$0
Additional information: Dr. Jones inherited this ring from his mother's estate. At the time of his mother's death, the ring had a fair market value of $260.
Westjet shares		$48 per share (December)		Various
Additional information: Dr. Jones purchased the Westjet shares over a period of time. Several years ago, he purchased 1,100 shares for $20 per share. In January of the previous taxation year, Dr. Jones purchased 700 shares for $19 per share. In April of the previous taxation year, Dr. Jones sold 1,100 shares at $20 per share to buy a gift for his wife. In June of the current taxation year, Dr. Jones purchased 1,050 shares for $29 per share. In October of the current taxation year, Dr. Jones purchased another 1,400 shares for $34 per share. In December of the current year, Dr. Jones sold all of his remaining Westjet shares. There are no brokerage fees on any of the Westjet share transactions.

1.	Calculate the capital gain (or loss) for each of the dispositions in the current taxation year.
2.	Calculate the net taxable capital gain for Dr. Jacob Jones for the current year.
3.	Dr. King has a capital loss carry-forward from a prior year. He asks you the following questions:
	(a)	What are the rules in regard to the carry-back and carry-forward rules for capital losses? Do these rules differ from the rules that apply to non-capital losses?
	(b)	Capital loss carry-forward: Can a taxpayer choose when to apply capital loss carry-forwards? Give an example of when a taxpayer may choose not to deduct capital loss carry-forwards in the current year, even though the taxpayer has realized a taxable capital gain in the year.
	(c)	Dr. Jones asks you about the "ordering rules" in regard to loss carry-forwards. Explain your response.

For Requirement 3(a)

First blank.. following options:

a-3

b-4

c-5

d-6

Second blank..following options:

a-forever

b-for 2 years

c-for 3 years

third blank following options:

a-investment income

b-non taxable capital gains

c-property income

d-taxable capital gains

For requirement 3(b)

first blank following options:

a- oldest

b- newest

c- average

second blank following options:

a-larger

b-smaller

For requirement 3(c)

First blank following options:

a-oldest

b- newest

c- average

Can someone please answer the question. thank you. show method please

personal and corporate taxation

Dr. Jacob Jones is 36 years old and is in the process of getting a divorce. As part of the divorce proceedings, Dr. Jones must sell a number of his assets and holdings in order to divide the assets of the marriage and pay a large settlement to his former spouse, Jillian Jones. Dr. Jones has provided you with the following list of assets that he sold in the current year, including the asset cost and the proceeds of disposition: (Click on the icon to view the list of assets.) Requirements Requirement 1. Calculate the capital gain (or loss) for each of the dispositions in the current taxation year. Fill in the table below showing the capital gain (or loss) for each item. (Round your answers to the nearest cent. Enter losses with parentheses or a minus sign.) Asset Description Capital gain (or loss) Sailboat Speedboat Principal Residence Vacant Land Big Pharma Shares Dr. Jones PC Shares Gold Ring Westjet Shares Requirement 2. Calculate the net taxable capital gain for Dr. Jacob Jones for the current year. (Round your answer to the nearest cent.) The net taxable gain for the year is Requirement 3(a). What are the rules in regard to the carry-back and carry-forward rules for capital losses? Do these rules differ from the rules that apply to non-capital losses? Enter any number in the edit fields and then continue to the next question. ? Dr. Jacob Jones is 36 years old and is in the process of getting a divorce. As part of the divorce proceedings, Dr. Jones must sell a number of his assets and holdings in order to divide the assets of the marriage and pay a large settlement to his former spouse, Jillian Jones. Dr. Jones has provided you with the following list of assets that he sold in the current year, including the asset cost and the proceeds of disposition: (Click on the icon to view the list of assets.) Requirements Gold Ring Westjet Shares Requirement 2. Calculate the net taxable capital gain for Dr. Jacob Jones for the current year. (Round your answer to the nearest cent.) The net taxable gain for the year is Requirement 3(a). What are the rules in regard to the carry-back and carry-forward rules for capital losses? Do these rules differ from the rules that apply to non-capital losses? V years and carried forward Capital loss carryovers differ from non-capital loss carryovers as they can only be applied to the extent the taxpayer has included in Capital loss carryovers can be carried back net income in the taxation year. Requirement 3(b). Capital loss carry-forward: Can a taxpayer choose when to apply capital loss carry-forwards? Give an example of when a taxpayer may choose not to deduct capital loss carry-forwards in the current year, even though the taxpayer has realized a taxable capital gain in the year. Taxpayers can choose when to apply capital loss carryovers as long as the loss carryover is utilized first and there are taxable capital gains included in net income to apply to net capital loss carryover forward. A taxpayer may choose not to apply a capital loss carryover in the taxation year (even if there are taxable capital gains included in net income) if the taxpayer has little to no net income and expects to have even taxable capital gains in a future year. Requirement 3(c). Dr. Jones asks you about the "ordering rules" in regard to loss carry-forwards. Explain your response. Loss carryovers can be applied at the discretion of the taxpayer as long as the loss carryover is utilized first. Dr. Jacob Jones is 36 years old and is in the process of getting a divorce. As part of the divorce proceedings, Dr. Jones must sell a number of his assets and holdings in order to divide the assets of the marriage and pay a large settlement to his former spouse, Jillian Jones. Dr. Jones has provided you with the following list of assets that he sold in the current year, including the asset cost and the proceeds of disposition: (Click on the icon to view the list of assets.) Requirements Requirement 1. Calculate the capital gain (or loss) for each of the dispositions in the current taxation year. Fill in the table below showing the capital gain (or loss) for each item. (Round your answers to the nearest cent. Enter losses with parentheses or a minus sign.) Asset Description Capital gain (or loss) Sailboat Speedboat Principal Residence Vacant Land Big Pharma Shares Dr. Jones PC Shares Gold Ring Westjet Shares Requirement 2. Calculate the net taxable capital gain for Dr. Jacob Jones for the current year. (Round your answer to the nearest cent.) The net taxable gain for the year is Requirement 3(a). What are the rules in regard to the carry-back and carry-forward rules for capital losses? Do these rules differ from the rules that apply to non-capital losses? Enter any number in the edit fields and then continue to the next question. ? Dr. Jacob Jones is 36 years old and is in the process of getting a divorce. As part of the divorce proceedings, Dr. Jones must sell a number of his assets and holdings in order to divide the assets of the marriage and pay a large settlement to his former spouse, Jillian Jones. Dr. Jones has provided you with the following list of assets that he sold in the current year, including the asset cost and the proceeds of disposition: (Click on the icon to view the list of assets.) Requirements Gold Ring Westjet Shares Requirement 2. Calculate the net taxable capital gain for Dr. Jacob Jones for the current year. (Round your answer to the nearest cent.) The net taxable gain for the year is Requirement 3(a). What are the rules in regard to the carry-back and carry-forward rules for capital losses? Do these rules differ from the rules that apply to non-capital losses? V years and carried forward Capital loss carryovers differ from non-capital loss carryovers as they can only be applied to the extent the taxpayer has included in Capital loss carryovers can be carried back net income in the taxation year. Requirement 3(b). Capital loss carry-forward: Can a taxpayer choose when to apply capital loss carry-forwards? Give an example of when a taxpayer may choose not to deduct capital loss carry-forwards in the current year, even though the taxpayer has realized a taxable capital gain in the year. Taxpayers can choose when to apply capital loss carryovers as long as the loss carryover is utilized first and there are taxable capital gains included in net income to apply to net capital loss carryover forward. A taxpayer may choose not to apply a capital loss carryover in the taxation year (even if there are taxable capital gains included in net income) if the taxpayer has little to no net income and expects to have even taxable capital gains in a future year. Requirement 3(c). Dr. Jones asks you about the "ordering rules" in regard to loss carry-forwards. Explain your response. Loss carryovers can be applied at the discretion of the taxpayer as long as the loss carryover is utilized first