Question
During 2016, William sold the following capital assets: Description date of purchase Sale date Sale price Cost basis ABC Shares 05-05-2012 08-03-2016 $ 500 $8,000
During 2016, William sold the following capital assets:
Description | date of purchase | Sale date | Sale price | Cost basis |
ABC Shares | 05-05-2012 | 08-03-2016 | $ 500 | $8,000 |
Bond Fund 123 | 11-07-2015 | 25-02-2016 | $2,000 | $7,000 |
Buggy | 06-12-2011 | 29-09-2016 | $2,400 | $4,600 |
antique chair | 10-09-2003 | 21-04-2016 | $4,000 | $3,000 |
Calculate the following:
a. Total realized short-term capital gains/losses for tax purposes
b. Total realized long-term capital gains/losses for tax purposes
C. Deductible capital gain/loss
d. The amount and nature (short or long term) of your capital loss carryforward. Assuming William has no capital gains or losses for 2017, how much can he deduct in 2017 and what is the amount and nature of any carryover to 2018?
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Canadian Income Taxation Planning And Decision Making
Authors: Joan Kitunen, William Buckwold
17th Edition 2014-2015 Version
1259094332, 978-1259094330
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