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Taxpayer T sold the following capital items in 2021: Public corporation shares (ACB $3,000, POD $17,000, Selling costs $500); Artwork (ACB $800, POD $5,000);
Taxpayer T sold the following capital items in 2021: Public corporation shares (ACB $3,000, POD $17,000, Selling costs $500); Artwork (ACB $800, POD $5,000); QSBC shares (ACB $2,000, POD $5,000). This individual has never claimed the capital gains deduction. There is a net-capital loss from 2020 of $3,000. What is T's taxable income for 2021? Enter your answer in the space provided below. (Do not enter a dollar sign, and round to the nearest dollar.) Answer:
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Fundamental Managerial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Olds
8th edition
978-1259569197
