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During June 2020, Ms. Janet Houston sells a capital asset with an adjusted cost base of $112,500, for proceeds of $172,300. She receives $33,000 of
During June 2020, Ms. Janet Houston sells a capital asset with an adjusted cost base of $112,500, for proceeds of $172,300. She receives $33,000 of this amount in cash, with the balance due at the end of the following year.
Required: What is the minimum amount that she will have to include in her 2020 Net Income For Tax Purposes as a result of this transaction?
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