Question
Mr. A owns land with an adjusted cost base of $600,000 and an fair market value of $800,000. He sells this land to his spouse
Mr. A owns land with an adjusted cost base of $600,000 and an fair market value of $800,000. He sells this land to his spouse for its fair market value of 800,000.
Determine the following amounts:
1. Assuming Mr. A does not elect out of ITA 73(1), what would be the tax consequences to Mr. A (i.e., inclusion to his NIFTP)...
2. Assuming Mr. A does not elect out of ITA 73(1), what would be the tax cost of the property (i.e., ACB) to his spouse after the sale...
3. Assuming Mr. A elects out of ITA 73(1), what would be the tax consequences to Mr. A (i.e., inclusion to his NIFTP)...
4. Assuming Mr. A elects out of ITA 73(1), what would be the tax cost of the property (i.e., ACB) to his spouse after the sale.
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