Question

Ask a new Question

Mr. Adam Lamb sold the following assets this year, all of which were purchased within the last 10 years:

Cost Proceeds

Oil painting....................................................................... $2,500 $500

Canoe.............................................................................. 700 500

Rare coin......................................................................... 1,300 500

Bible produced in 1635....................................................800 5,000

Antique car....................................................................... 15,000 10,000

Antique chair.................................................................... 300 1,200

Antique table.................................................................... 1,500 2,000

Mr. Adam Lamb has an unclaimed capital loss on listed personal property of $1,200 arising three years ago,

Mr. Lamb would like you to calculate his net taxable capital gain for this year.