Taxable capital Gains and allowab capital lossless :

Comprehensive Practice problem

sarah smith is 32years old and his lived her entire life in Edmonton.Alberta Earlier this year,Sarah decided she needed a change in her life and therefore made plans to move to Spain as soon as possible on November 15, Sarah sold all her property through an online auction website.Sarah would like to know the tax implications of selling all her property prior to the move.Sarah has provided you with the following list of assets, including the asset cost and the proceeds of disposition:

Asset Description: proceeds of Disposition. Additional information:

Yacht $95,000. $125.0000 none.

Artwork $12,500. $. this artwork was gift from Sarahs grandmother two years ago;at which time it was worth $750.

Vacant land $20,000 $125,000 Sarah bought this vacant land hoping to build a cabin on the land one day.since its purchase, the land has been vacant and sarah has not earned any income on the land but she paid $3,000 in property taxes on the land during this time

2,670 telus shares. $80 per share $ 60 per share on the sale of shares, sarah paid brokerage commission of $100

gold chain $800. $1,200 none

Stamp collection $400. $800 none

2000 Air Cheap $29 per share various SArah purchased the air cheap shares over priced of time.On jan 10 she purchased 1,000 shares for $12 per share.on April 4 Sarah purchased 900 shares for $8 per share.on aug.5 Sarah purchased 500 shares at $13 per share.There is no brokerage on any of the Air cheap share transactions.

Required: Calculate Net Taxable Capital Gain or Net Allawable capital loss whichever is the case for the current taxation year.