Question 3 (8 points) Saved Select the best definition for the term. The excess of Allowable Capital Losses over Taxable Capital Gains for the year. A transaction between persons whom are related to each other by either blood, marriage, adoption or a close personal connection. Any property owned by the Taxpayer and used primarily for the personal enjoyment. 1. Deemed Disposition 2 2. Involuntary Disposition The amount (consideration) one receives or will receive for their property. Usually the sale price of the property but may also included compensation received for property that has been destroyed, expropriated or stolen. 3. Allowable Capital Loss 4. Outlays and Expenses 5. Net Capital Loss 5 The Taxpayer's capital loss for the year multiplied by the inclusion rate for that year. 6. Non-Arm's Length Transaction 7. Proceeds Of Disposition 4 Amounts incurred to sell a capital property. 8. Personal Use Property 1 The excess of the sum of the adjusted cost base plus any disposition costs incurred over the proceeds resulting from the disposition f the assets. The disposition of a capital property resulting from theft, destruction through natural causes, or expropriation by statutory authority