Ranjit owns a residential rental building which he purchased for $300,000 in 2017. In that year, his rental income before CCA was $6,000. In 2018, his rental income before CCA was $12,000. Ranjit always minimizes his tax liability. Which of the following statements is correct? a) Ranjit has net rental income of $480 in 2018. b) Ranjit has net rental income of nil in 2018. c) Ranjit has a net rental loss of $2,000 in 2018. d) Ranjit has net rental income of $240 in 2018. Question 6 (1 point) One of the reasons for the favourable tax treatment of capital gains is that the amounts received often have to be reinvested in the business in order to maintain its productive capacity. a) True Ob) False Question 7 (1 point) Steve Chan sold the following assets during the current year: Item Sales Price Cost Diamond Ring $1,200 $800 Gold Coin Collection $1,900 $1.100 Rare Book $800 $1.100 Vintage Car $14,500 $15.000 Which one of the following amounts represents his taxable capital gain, net of allowable capital losses, for tax purposes during the current year? a) $100 Ob) $150 Oc) $200 Od) $400 Question 8 (1 point) Indicate which of the following is not listed personal property: a) A piece of jewelry b) A rare manuscript. Oc) A stamp. d) A piece of sculpture. e) An antique table