Question
During 2019, a capital property with an adjusted cost base of $144714 is sold for $101308. The proceeds of disposition are made up of $74427
During 2019, a capital property with an adjusted cost base of $144714 is sold for $101308. The proceeds of disposition are made up of $74427 in cash, plus a purchaser's note for the unpaid amount of the proceeds of disposition. In 2020, the purchaser's note proves to be uncollectible.
What are the tax consequences of these events in 2020?
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
22nd Edition
324401841, 978-0-324-6250, 0-324-62509-X, 978-0324401844
