Question
Week 8 Ex #2 -Calculate taxable capital gain (PUP, LPP) Kim and her husband owned the following assets that they purchased throughout the years which
Week 8 Ex #2 -Calculate taxable capital gain (PUP, LPP)
Kim and her husband owned the following assets that they purchased throughout the years which were all under Kim's name.Assets:ACBMercedes Benz CLA 250$58,000Lexus IS 300*$49,500BMW X5$85,680Kim's engagement ring$29,850Mario Lemieux signed jersey$900Rare, first edition book collection by Stephen King:$350*the Lexus was supplied by Kim's employer which she uses only for work.Kim had to sell the following assets in 2020 because she had lost her job and needed the cash.Assets:Proceeds of DisposalSelling costsMercedes Benz CLA 250$34,000$500BMW X5$22,000$750Kim's engagement ring$35,000-Mario Lemieux signed Jersey$1,500-Rare book collection by Stephen King$500-Kim's employer sold her Lexus IS 300$35,000-1. Calculate Kim's net taxable capital gains for 2020?2. Where would Kim's net taxable capital gains go in the Section 3 ordering rule and where in the ITA would you find items that qualify as listed personal properties?3. Is Kim able to carry forward her personal use property losses?4. If you were Kim's accountant, what would you advise her to do with her losses?
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