Question
During 2019, a capital property with an adjusted cost base of $159,992 is sold for $108,445. The proceeds of disposition are made up of $57,195
During 2019, a capital property with an adjusted cost base of $159,992 is sold for $108,445. The proceeds of disposition are made up of $57,195 in cash, plus a purchasers 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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Audit Analytics In The Financial Industry
Authors: Jun Dai
3rd Edition
1787430863, 9781787430860
