Which of the following statements regarding the tax treatment of a principal residence is NOT correct?

A. If a taxpayer owns two residences, and both are sold in the same year, the principal residence formula will eliminate the capital gain on only one of the residences.

B. If a taxpayer owns two residences, the decision to designate a particular property as the principal residence must be made when the residence is sold.

C. If a taxpayer owns only one residence, the principal residence formula will eliminate any capital gain on the sale.

D. A capital loss cannot be realized on the sale of a principal residence.

During 2014, an individual sells a capital asset with an adjusted cost base of $122,000. The sales price is $187,000, with $40,000 of this amount being paid immediately. An additional $40,000 will be paid in 2015, with the $107,000 balance due in 2016. What is the maximum amount of the capital gains reserve that can be deducted for 2015?

A. $107,000

B. $39,000

C. $52,000

D. $37,193

Indicate which of the following is not listed personal property:

A. A stamp.

B. A rare manuscript.

C. An antique chair.

D. A piece of extremely valuable jewelry.

E. A piece of sculpture.

Jenny sold a capital property on July 31, 2015 for $400,000. She received $100,000 at the time of sale with the balance of $300,000 payable on July 31, 2018. The adjusted cost base of the property was $160,000. The minimum taxable capital gain that Jenny can report in the 2015 taxation year is:

A. $30,000.

B. $60,000.

C. $120,000.

D. $180,000.

Bob sold a capital property on December 31, 2015 for $300,000. $280,000 is payable on December 31, 2021, and the balance was paid immediately in cash. The adjusted cost base of the property was $170,000 and the selling costs totalled $10,000. Which one of the following amounts represents the minimum taxable capital gain in 2015?

A. $4,000.

B. $10,000.

C. $12,000.

D. $24,000.