On November 1, 20X1 a taxpayer sold capital property with an ACB of $500,000 for proceeds of
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Question:
On November 1, 20X1 a taxpayer sold capital property with an ACB of $500,000 for proceeds of $600,000. The proceeds become receivable as follows:
Date | Amount |
November 1, 20X1 | $200,000 |
November 1, 20X2 | 100,000 |
November 1, 20X3 | 50,000 |
November 1, 20X4 | 50,000 |
November 1, 20X5 | 200,000 |
Total | 600,000 |
Required: Calculate the minimum amount of the capital gain that must be included in the computation of income for each year.
Posted Date: