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During August 2021, Ms. Anita Smith sells a capital asset with an adjusted cost base of $100,000, for proceeds of $200,000. She receives $50,000
During August 2021, Ms. Anita Smith sells a capital asset with an adjusted cost base of $100,000, for proceeds of $200,000. She receives $50,000 of this amount in cash, with the remaining balance due at the end of the following year. Required: A. Calculate the Capital Gain on the sale of the asset (round your answer to nearest whole number): $ 100000 B. Complete the table below to calculate the minimum Taxable Capital Gain that Anita will have to include in her income regarding this transaction in the 2020 and 2021 taxation years (round your answer to nearest whole number): Capital Gain Prior Year Reserve Current Year Reserve New Capital Gain Taxable Capital Gain 2020 Moving to another question will save this response. 2021 Question 16 of 21 19 tv
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