On April 1, 2007, Monica purchased a condominium in Hamilton, Ontario, for $120,000. She lived in the condominium until she married in August 2013. At that time, she moved into a rented apartment in north Toronto, Ontario, with her new husband. She commenced to rent her condominium in late 2013, at which time it was valued at $150,000. In November 2021 she sold the condominium for $200,000 to generate some cash to pay for a new house. Assuming that Monica elected under subsection 45(2) in respect of the condominium in 2013, what is the approximate minimum taxable capital gain that she will realize in 2021 on the sale?

		$50,000
		$35,714
		$8,000
		$16,000

Danielle sold the following assets in 2021: Painting Sale price-$2,500, Cost-$ 600, Stamp collection Sale price-800, Cost-1,500, Outboard motor Sale price - 700, Cost- 300, Desk Sale price - 1,500 Cost- 2,000 Which one of the following amounts represents his taxable capital gain net of allowable capital losses for 2021?

		$600
		$1,000
		$800
		$500

Brian Lawson owns land with an adjusted cost base of $200,000 and a fair market value of $300,000. He sells the land to his son for $200,000. Which of the following statements is correct?

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

Upon the death of a taxpayer, which of the following statements is correct?

		Capital property that is bequeathed to a spouse is transferred on a rollover basis.
		Capital property that is bequeathed to a spousal trust is deemed to be sold at fair market value.
		Capital property, whether bequeathed to a spouse or to anyone else, is transferred on a rollover basis.
		Capital property, whether bequeathed to a spouse or to anyone else, is deemed to be sold at fair market value.

A corporation sold a long-term investment in common shares with an adjusted cost base of $30,000, for $20,000 during the current year. It also sold a parcel of land that is considered capital property with an adjusted cost base of $10,000, for $15,000. Its net allowable capital loss for the year is $5,000.

True or False?

True

False