James recently sold his rental property for $470,000. He purchased the property 11 years ago for $310,000. James preapred his own tax returns and claimed CCA on the building each year reducing his taxable income. The total amount of CCA claimed was $84,000.

What is the total taxable income James will report on his tax rerturn for the sale of his rental property?

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Part 1

A.

$164,000

B.

$84,000

C.

$160,000

D.

$244,000