Question
Emily Spring sold the following assets during the tax year. Asset Original Cost Proceeds of Disposition Sportscar $24,000 $10,000 Antique cabinet $1,000 $2,000 A rare
Emily Spring sold the following assets during the tax year.
| Asset | Original Cost | Proceeds of Disposition |
| Sportscar | $24,000 | $10,000 |
| Antique cabinet | $1,000 | $2,000 |
| A rare coin | $100 | $1,100 |
| Shares in a public corporation | $4,000 | $3,000 |
| Canoe | $500 | $600 |
| Limited edition painting | $800 | $2,500 |
| Sculpture | $1,100 | $900 |
Required: Determine the total taxable income from Emily's sales, identifying the appropriate categories of capital property.
LPP PUP
Sportscar (10,000-24,000) 0
Antique cabinet 1000
A rare coin 1000
PUP losses are denied
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Cornerstones Of Financial Accounting
Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone
2nd Canadian Edition
0176707123, 978-0176707125
