Question
Need Answer in detail ASAP 1. Jason Bourne sold a capital property on October 31, 2017 for $270,000. He received a cash down payment of
Need Answer in detail ASAP
1.
Jason Bourne sold a capital property on October 31, 2017 for $270,000. He received a cash down payment of $100,000. The balance of $170,000 is payable on October 31, 2021. The adjusted cost base of the property was $150,000 and the selling costs were $11,000.
Required Calculate the minimum taxable capital gain (rounded to the nearest dollar) Jason must report in 2020. (Canada)
2.
On September 1, 2020, Marcus purchased a $10,000 bond that has the following characteristics:
Coupon rate = 6%;
Semi-annual payments on June 30 and December 31
Due date of December 31, 2025
Required
Calculate the Interest Income relating to this bond that Marcus will have to report on his 2020 tax return (Canada)
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