The following financial information is provided for the 2017 taxation year of Virginia Couture: Interest income Net loss from retail store for the year ended December 31, 2017 Gain on sale of public corporation shares Loss on sale of shares of a CCPC qualified as a small business corporation Dividends from foreign corporations, net of $200 withholding tax Loss on sale of land that was originally purchased to build a rental property. $26,000 (13,000) 14,000 (16,000) 1,800 (32,000) The project was cancelled after a rezoning application was lost Gain on sale of an oil painting Director's fees for attendance at corporate meetings Loss on sale of personal jewellery In 2017, Couture gifted shares of a Canadian-controlled public corporation (CCPC) to her 16-year-old son. The shares, which originally cost $14,000, had a value of $16,000 at the time of the gift. Also, in 2017, Couture had a rental loss of $7,000 (before amortization/depreciation and capital cost allowance). The property was originally purchased for $82,000 (land S15,000, building $67,000).The class 1 building had an 10,000 12,000 11,000 unamortized capital cost of $50,000 at the end of the previous year. On the last day of 2017, Couture sold the property for $112,000 (land $18,000, building $94,000). In the previous year, by agreement, Couture obtained the exclusive licence to distribute a certain product in Canada. In 2017, she divided the country into six sales territories and sold 10-year sub-licences to individuals in each territory. Total proceeds were $30,000. The following financial information is provided for the 2017 taxation year of Virginia Couture: Interest income Net loss from retail store for the year ended December 31, 2017 Gain on sale of public corporation shares Loss on sale of shares of a CCPC qualified as a small business corporation Dividends from foreign corporations, net of $200 withholding tax Loss on sale of land that was originally purchased to build a rental property. $26,000 (13,000) 14,000 (16,000) 1,800 (32,000) The project was cancelled after a rezoning application was lost Gain on sale of an oil painting Director's fees for attendance at corporate meetings Loss on sale of personal jewellery In 2017, Couture gifted shares of a Canadian-controlled public corporation (CCPC) to her 16-year-old son. The shares, which originally cost $14,000, had a value of $16,000 at the time of the gift. Also, in 2017, Couture had a rental loss of $7,000 (before amortization/depreciation and capital cost allowance). The property was originally purchased for $82,000 (land S15,000, building $67,000).The class 1 building had an 10,000 12,000 11,000 unamortized capital cost of $50,000 at the end of the previous year. On the last day of 2017, Couture sold the property for $112,000 (land $18,000, building $94,000). In the previous year, by agreement, Couture obtained the exclusive licence to distribute a certain product in Canada. In 2017, she divided the country into six sales territories and sold 10-year sub-licences to individuals in each territory. Total proceeds were $30,000
