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question 7.8.9 Question 8 (1 point) Mr. Yee sold a piece of land in 20X0 for $532,000. He originally paid $98,000 for the land. Selling

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Question 8 (1 point) Mr. Yee sold a piece of land in 20X0 for $532,000. He originally paid $98,000 for the land. Selling costs totaled $13,000. The land is classified as capital property. The purchaser of the land paid Mr. Yee $84,000 in 20X0, and will pay the remainder equally over the next five years. What is the amount of the capital gain that should be reported by Mr. Yee in 20x0? Enter your answer as a whole number without dollar signs or commas. Your Answer: Answer Question 9 (1 point) Jane Jones purchased the following shares in XYZ, a publicly traded company: Number of Shares Date January 1 February 15 March 31 Price 5.25 6.75 5.00 On September 30, she sold 15 of her shares for $9.00 each. Calculate the capital gain on the sale of the shares Round your answer to the nearest dollar. Enter your answer as a whole number without commas or dollar signs. Your Answer: Question 7 (1 point) An individual acquires an option on a real property that will be used in his business. The cost of this option is $5,000. With respect to this option, which of the following statements is correct? If he sells the option for $8,000, he will have business income of $3,000. If the option expires without being exercised, he will have an allowable capital loss of $2,500. If the option is exercised, $2,500 will be added to the capital cost of the acquired property If the option is exercised, he will have a taxable capital gain of $2,500

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