Martin sold a rental property (ACB $300,000) to his wife, Olga, for $400,000 cash on January 25, 2021. At the time of this sale, the fair market value was $650,000.Martin and his wife elected under subsection 73(1) of the Income Tax Act for that subsection not to apply to the sale. Olga held onto the rental property until December 20, 2021, when she sold it for $950,000. What are the taxable capital gains that Martin and Olga must report on their 2021 tax returns with respect to the sale of the rental property? Assume that neither individual has any principal residence claims on the rental property.

		The taxable capital gains are $175,000 for Martin and $225,000 for Olga.
		The taxable capital gains are $325,000 for Martin and $0 for Olga.
		The taxable capital gains are $50,000 for Martin and $275,000 for Olga.
		The taxable capital gains are $50,000 for Martin and $0 for Olga.

In 2018, Angela Mok uses her lifetime capital gains deduction to eliminate a $20,000 taxable capital gain. During 2020, she had employment income of $40,000, a capital gain of $30,000, and a business investment loss of $40,000. What is the amount of Lorrie's Taxable Income for 2020?

		$55,000
		$58,000
		$35,000
		$48,000

With respect to an Allowable Business Investment Loss, which of the following statements is NOT correct?

		An Allowable Business Investment loss can be deducted against any source of income.
		If not used during the current year, an Allowable Business Investment Loss can only be applied against taxable capital gains in a carry forward or carry back period.
		An Allowable Business Investment Loss results from the disposition of shares of a small business corporation.
		An Allowable Business Investment Loss is the deductible portion of a Business Investment Loss.

John Barry owns land with an adjusted cost base of $200,000 and a fair market value of $300,000. He gifts the land to his son for no consideration. Which of the following statements is correct?

		John will have a taxable capital gain of $50,000 and the adjusted cost base of the land to his son will be $200,000.
		John will have a taxable capital gain of $50,000 and the adjusted cost base of the land to his son will be $300,000.
		John will have a taxable capital gain of $100,000 and the adjusted cost base of the land to his son will be $300,000.
		John will have a taxable capital gain of $100,000 and the adjusted cost base of the land to his son will be $200,000.

he term proceeds of disposition can be used in a number of situations. Indicate which of the following would not be considered proceeds of disposition for the PD Company.

		Amounts paid to PD Company under insurance policies for property that has been destroyed.
		Amounts paid to PD Company under insurance policies for property unlawfully taken.
		Amounts paid to PD Company by a municipal government for property that has been expropriated.
		Amounts paid to PD Company on the sale of inventories.
		Amounts paid to PD Company on the sale of a warehouse.

On November 12, 2019, Hubert Robbins sells 100 shares of Loser Inc. for $120 per share. He had purchased these shares several years ago at $220 per share. On November 18, 2019, he acquires 80 shares of Loser Inc. for $100 per share. On December 22, 2019, he acquires 50 shares of Loser Inc. at $80 per share. What is the adjusted cost base of the 130 shares that he holds after the December 22, 2019, purchase?

		$12,000.
		$20,000.
		$22,000.
		$14,000.