Mr. Martin purchased 200 shares of ABC Limited on January 10 of the current year for $15 per share. On July 1 of the current year, he purchased 100 more shares for $20 per share. On August 12 of the current year, Mr. Martin sells 100 shares for $15 per share. His allowable capital loss on August 12 is $167.

T or F

Capital gains on a principal residence are not taxable.

T or F

Losses on the disposition of listed personal property can be deducted, but only against gains on the disposition of listed personal property.

T or F

An individual sells shares in a Canadian controlled private corporation that qualifies as a small business corporation to an arms length party. The adjusted cost base of the shares is $60,000 and they are sold for $20,000. The $40,000 loss is an Allowable Business Investment Loss.

T or F