Dr. Jarod 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, Jill 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 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 Sailboat Speedboat Principal Residence Vacant Land Big Pharma Shares Dr. Jones PC Shares Gold Ring Westjet Shares Capital gain (or loss) List of assets Asset Description Sailboat Speedboat Home Proceeds of Disposition $91,000.00 Original Price Paid $82,000.00 $51,000.00 $74,000.00 $385,000.00 $240,000.00 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. Asset Description 475 Big Pharma shares Proceeds of Disposition $495 per share Additional information: On the sale of the shares, Dr. Jones paid a brokerage commission of $3,100. Original Price Paid $685 per share Asset Description Vacant land Proceeds of Disposition $45,000.00 Jones hent to t year, nter Original Price Paid $315,000.00 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 $1,500 in property taxes and $475 on mortgage interest on the land during this time. Asset Description 850 Dr. Jarod Jones Professional Corporation Proceeds of Disposition $2,850 per share Original Price Paid $95 per share Additional information: Dr Jones had to linuidate some shares of his privately owned professional.corporation.(which onerates his List of assets Que Asset Description Vacant land 0 O Proceeds of Disposition $45,000.00 Original Price Paid $315,000.00 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 eamed any income on the land, but he paid $1,500 in property taxes and $475 on mortgage interest on the land during this time. Asset Description Proceeds of Disposition $2,850 per share Original Price Paid $95 per share 850 Dr. Jarod Jones Professional Corporation 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 $16,540. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC). Asset Description Gold ring Proceeds of Disposition $4,000 $0 Original Price Paid 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 $270. Asset Description Westjet shares Proceeds of Disposition $50 per share (December) Original Price Paid Various Additional information: Dr. Jones purchased the Westjet shares over a period of time. Several years ago, he purchased 1,100 shares for $21 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 1,300 shares at $20 per share to buy a gift for his wife. In June of the current taxation year, Dr. Jones nurchased 1.050 shares for $28 ner share. In October of the current taxation vear Dr. Jones purchased another 1.450. ones hent to t year, Inter Print Done Que Oa 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 eamed any income on the land, but he paid $1,500 in property taxes and $475 on mortgage interest on the land during this time. Asset Description Proceeds of Disposition $2,850 per share Original Price Paid $95 per share 850 Dr. Jarod Jones Professional Corporation 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 $16,540. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC). Jones hent to t year, Asset Description Gold ring Proceeds of Disposition $4,000 Original Price Paid $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 $270. Asset Description Westjet shares. Proceeds of Disposition $50 per share (December) Original Price Paid Various Additional information: Dr. Jones purchased the Westjet shares over a period of time. Several years ago, he purchased 1,100 shares for $21 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 1,300 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 $28 per share. In October of the current taxation year, Dr. Jones purchased another 1,450 shares for $35 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. Print Done nter 1. 2. 3. Calculate the capital gain (or loss) for each of the dispositions in the current taxation year. Calculate the net taxable capital gain for Dr. Jarod Jones for the current year. 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 insses? 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. rent ta ers to t