Requirement 2: Calculate the net taxable capital gain for Dr. Jacob Jones for the current year?

The net taxable capital gain for the year is ________

Question 8.1.4 is Question Help o Dr. Jake Jones is 36 years old and is in the process of getting a divorce. As part of the divorce proceedings, Dr. Jones must sell a number of his assets and holdings in order to divide the assets of the marriage and pay a large settlement to his former spouse, Jill Jones. Dr. Jones has provided you with the following list of assets that he sold in the current year, including the asset cost and the proceeds of disposition: (Click on the icon to view the list of assets.) Requirements Requirement 1. Calculate the capital gain (or loss) for each of the dispositions in the current taxation year. Fill in the table below showing the capital gain (or loss) for each item. (Round your answers to the nearest cent. Enter losses with parentheses or a minus sign.) Asset Description Capital gain (or loss) Sailboat Speedboat Principal Residence Vacant Land Big Pharma Shares Dr. Jones PC Shares Gold Ring Westjet Shares Question 8.1 Question Help o List of assets Dr. Jake Jones is 36 yea the marriage and pay a the proceeds of dispositi er to divide the assets of hg the asset cost and (Click on the icon to Requirements Requirement 1. Calcula Asset Description Proceeds of Disposition Original Price Paid Sailboat $91,000.00 $80,000.00 Speedboat $51,000.00 $72,000.00 Home $395,000.00 $235,000.00 Additional information: The home was the principal residence for Dr. Jones and his former spouse for 10 years, ending in the current taxation year. Last year, Dr. Jones sold his cabin at the lake, which he claimed as his principal residence for two taxation years (the cabin at the lake was designated as Dr. Jones's principal residence for the two most recent taxation years.) Therefore, this home cannot be claimed as Dr. Jones's principal residence for those years Fill in the table below sh Asset Description Vacant land $47,000.00 $315,000.00 Additional information: Dr. Jones bought this vacant land as an investment property. Since its purchase, the land has been vacant and Dr. Jones has not eamed any income on the land, but he paid $1,500 in property taxes and $485 on mortgage interest on the land during this time. Sailboat Speedboat Principal Residence Vacant Land Big Pharma Shares Dr. Jones PC Shares Gold Ring Westjet Shares $680 per share 485 Big Pharma shares $505 per share Additional information: On the sale of the shares, Dr. Jones paid a brokerage commission of $3,400. 1,100 Dr. Jake Jones Professional Corporation $2,900 per share $110 per share Additional information: Dr. Jones had to liquidate some shares of his privately owned professional corporation (which operates his dental practice) to pay for a settlement to his former spouse. Dr. Jones paid legal fees related to this sale of shares of $16,560. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC). Question 8.1 Question Help o List of assets Dr. Jake Jones is 36 yea the marriage and pay al the proceeds of dispositi er to divide the assets of hg the asset cost and (Click on the icon to vacant and Dr. Jones has not eamed any income on the land, but he paid $1,500 in property taxes and $485 on mortgage interest on the land during this time. Requirements $680 per share 485 Big Pharma shares $505 per share Additional information: On the sale of the shares, Dr. Jones paid a brokerage commission of $3,400. Requirement 1. Calcula Fill in the table below sh 1,100 Dr. Jake Jones Professional Corporation $2,900 per share $110 per share Additional information: Dr. Jones had to liquidate some shares of his privately owned professional corporation (which operates his dental practice) to pay for a settlement to his former spouse. Dr. Jones paid legal fees related to this sale of shares of $16,560. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC). Asset Description Gold ring $4,200 $0 Additional information: Dr. Jones inherited this ring from his mother's estate. At the time of his mother's death, the ring had a fair market value of $270. Sailboat Speedboat Principal Residence Vacant Land Big Pharma Shares Dr. Jones PC Shares Gold Ring Westjet Shares Westjet shares $48 per share (December) Various Additional information: Dr. Jones purchased the Westjet shares over a period of time. Several years ago, he purchased 1,200 shares for $20 per share. In January of the previous taxation year, Dr. Jones purchased 800 shares for $19 per share. In April of the previous taxation year, Dr. Jones sold 1,100 shares at $20 per share to buy a gift for his wife. In June of the current taxation year, Dr. Jones purchased 1,100 shares for $29 per share. In October of the current taxation year, Dr. Jones purchased another 1,450 shares for $34 per share. In December of the current year, Dr. Jones sold all of his remaining Westjet shares. There are no brokerage fees on any of the Westjet share transactions. Question 8.1.4 is Question Help o Dr. Jake Jones is 36 years old and is in the process of getting a divorce. As part of the divorce proceedings, Dr. Jones must sell a number of his assets and holdings in order to divide the assets of the marriage and pay a large settlement to his former spouse, Jill Jones. Dr. Jones has provided you with the following list of assets that he sold in the current year, including the asset cost and the proceeds of disposition: (Click on the icon to view the list of assets.) Requirements Requirement 1. Calculate the capital gain (or loss) for each of the dispositions in the current taxation year. Fill in the table below showing the capital gain (or loss) for each item. (Round your answers to the nearest cent. Enter losses with parentheses or a minus sign.) Asset Description Capital gain (or loss) Sailboat Speedboat Principal Residence Vacant Land Big Pharma Shares Dr. Jones PC Shares Gold Ring Westjet Shares Question 8.1 Question Help o List of assets Dr. Jake Jones is 36 yea the marriage and pay a the proceeds of dispositi er to divide the assets of hg the asset cost and (Click on the icon to Requirements Requirement 1. Calcula Asset Description Proceeds of Disposition Original Price Paid Sailboat $91,000.00 $80,000.00 Speedboat $51,000.00 $72,000.00 Home $395,000.00 $235,000.00 Additional information: The home was the principal residence for Dr. Jones and his former spouse for 10 years, ending in the current taxation year. Last year, Dr. Jones sold his cabin at the lake, which he claimed as his principal residence for two taxation years (the cabin at the lake was designated as Dr. Jones's principal residence for the two most recent taxation years.) Therefore, this home cannot be claimed as Dr. Jones's principal residence for those years Fill in the table below sh Asset Description Vacant land $47,000.00 $315,000.00 Additional information: Dr. Jones bought this vacant land as an investment property. Since its purchase, the land has been vacant and Dr. Jones has not eamed any income on the land, but he paid $1,500 in property taxes and $485 on mortgage interest on the land during this time. Sailboat Speedboat Principal Residence Vacant Land Big Pharma Shares Dr. Jones PC Shares Gold Ring Westjet Shares $680 per share 485 Big Pharma shares $505 per share Additional information: On the sale of the shares, Dr. Jones paid a brokerage commission of $3,400. 1,100 Dr. Jake Jones Professional Corporation $2,900 per share $110 per share Additional information: Dr. Jones had to liquidate some shares of his privately owned professional corporation (which operates his dental practice) to pay for a settlement to his former spouse. Dr. Jones paid legal fees related to this sale of shares of $16,560. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC). Question 8.1 Question Help o List of assets Dr. Jake Jones is 36 yea the marriage and pay al the proceeds of dispositi er to divide the assets of hg the asset cost and (Click on the icon to vacant and Dr. Jones has not eamed any income on the land, but he paid $1,500 in property taxes and $485 on mortgage interest on the land during this time. Requirements $680 per share 485 Big Pharma shares $505 per share Additional information: On the sale of the shares, Dr. Jones paid a brokerage commission of $3,400. Requirement 1. Calcula Fill in the table below sh 1,100 Dr. Jake Jones Professional Corporation $2,900 per share $110 per share Additional information: Dr. Jones had to liquidate some shares of his privately owned professional corporation (which operates his dental practice) to pay for a settlement to his former spouse. Dr. Jones paid legal fees related to this sale of shares of $16,560. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC). Asset Description Gold ring $4,200 $0 Additional information: Dr. Jones inherited this ring from his mother's estate. At the time of his mother's death, the ring had a fair market value of $270. Sailboat Speedboat Principal Residence Vacant Land Big Pharma Shares Dr. Jones PC Shares Gold Ring Westjet Shares Westjet shares $48 per share (December) Various Additional information: Dr. Jones purchased the Westjet shares over a period of time. Several years ago, he purchased 1,200 shares for $20 per share. In January of the previous taxation year, Dr. Jones purchased 800 shares for $19 per share. In April of the previous taxation year, Dr. Jones sold 1,100 shares at $20 per share to buy a gift for his wife. In June of the current taxation year, Dr. Jones purchased 1,100 shares for $29 per share. In October of the current taxation year, Dr. Jones purchased another 1,450 shares for $34 per share. In December of the current year, Dr. Jones sold all of his remaining Westjet shares. There are no brokerage fees on any of the Westjet share transactions