Question
During 2019, a capital property with an adjusted cost base of $151,173 is sold for $100,849. The proceeds of disposition are made up of $53,410
During 2019, a capital property with an adjusted cost base of $151,173 is sold for $100,849. The proceeds of disposition are made up of $53,410 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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In 2019 Cost of property 151173 Sale Value 100849 Sale p...
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South Western Federal Taxation 2017 Corporations, Partnerships, Estates And Trusts
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
40th Edition
1305874331, 978-1305874336
