1. Tamara owns 400 shares of Roxy Corp. that she bought in 2019 for $12 per share. On June 1, 2020, Tamara sold all her shares to her sister for $16 per share and then later the same day her sister sold the shares for their fair market value of $20 per share. The taxable capital gain that should be reported for each sister is:

   		$1,600 for Tamara and $800 for her sister
   		$800 for Tamara and $1,600 for her sister
   		$800 for Tamara and $800 for her sister
   		$1,000 for Tamara and $1,000 for her sister

John Bartel owned shares of two publicly traded companies, as follows:

Fair Market Value Adjusted

On Date of Disposition Cost Base

ABC Limited $2,000 $5,000

Pfizer Inc. 1,500 400

John gifted the ABC Limited shares to his wife on July 10, 2020. His wife kept the shares and received $160 of taxable dividends (grossed up amount) in September 2020. John sold the Pfizer Inc. shares on the open market. Assuming John earned no other income did not elect out of ITA 73(1), and these are the only transactions that occurred in the year, which one of the following represents Johns 2020 Net Income for Tax Purposes?

		Nil.
		$1,150.
		$710
		$1,288.

Martin sold a rental property (ACB $300,000) to his wife, Olga, for $400,000 cash on January 25, 2021. At the time of this sale, the fair market value was $650,000.Martin and his wife elected under subsection 73(1) of the Income Tax Act for that subsection not to apply to the sale. Olga held onto the rental property until December 20, 2021, when she sold it for $950,000. What are the taxable capital gains that Martin and Olga must report on their 2021 tax returns with respect to the sale of the rental property? Assume that neither individual has any principal residence claims on the rental property.

		The taxable capital gains are $175,000 for Martin and $225,000 for Olga.
		The taxable capital gains are $450,000 for Martin and $0 for Olga.
		The taxable capital gains are $50,000 for Martin and $275,000 for Olga.
		The taxable capital gains are $50,000 for Martin and $0 for Olga.