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L purchased 10,000 units of a mutual fund in the current year for $125,000. He received a T3 from the fund showing the following distributions
L purchased 10,000 units of a mutual fund in the current year for $125,000. He received a T3 from the fund showing the following distributions for the current year which were reinvested in the fund: Actual amount of eligible dividends: $4,000 Taxable amount of eligible dividends: $5,520 Capital gains: $2,000 Other investment income: $1,000 What is the adjusted cost base of us investment in the mutual fund at the end of the current year? M acquired a home in 20x1 for $300,000 and a cottage in 20x5 for $200,000. In 20X8 M sold the home for $700,000 and the cottage for $500,000. What is the minimum amount to be reported in net income for tax purposes in 20X8? L purchased 10,000 units of a mutual fund in the current year for $125,000. He received a T3 from the fund showing the following distributions for the current year which were reinvested in the fund: Actual amount of eligible dividends: $4,000 Taxable amount of eligible dividends: $5,520 Capital gains: $2,000 Other investment income: $1,000 What is the adjusted cost base of us investment in the mutual fund at the end of the current year? M acquired a home in 20x1 for $300,000 and a cottage in 20x5 for $200,000. In 20X8 M sold the home for $700,000 and the cottage for $500,000. What is the minimum amount to be reported in net income for tax purposes in 20X8
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