QUESTION III (20 Marks) Mr. Swartz has recently had to close his business and as a result he find himself in financial difficulty and is forced to sell some of his assets. During 2017 Mr. Swarts sells the following items: Selling Costs $750 UCC Sale Price $37,000 A sculpture which he acquired may years ago sold at auction Cost $32,000 A vintage canoe was sold to a neighbor $2,550 $380 A first Edition book The Adventures of Tom Sawyer $5,800 $1,750 Gramma's Antique Rocking Chair $2,290 $3,970 Warehouse Building - Class 1 (only asset in the class) at time of purchase - 40% was allocated to the land and 60% of the cost was allocated to the building. The property is in a desirable location for redeveoplement and the building is in a state of disrepair and now, at the time of sale, is only valued at $50,000 $295,700 $175,800 $98,500 Share in Trench Industries a public corporation $48,800 $480 $28,700 Vacant Land - Sold under an agreement for sale of which $10,000 was received at the time of sale and the balance will be paid in 4 equal installments over the next 4 years. $56,700 $1,410 $19,900 REQUIRED: 1. Calculate the minimum tax consequence for each of the above transactions. Show all calculations 2. Determine the amount that would be reported under Section 3(b): Taxable Capital Gains over the Allowable Capital Losses