Question

laluS. Immediately deductible Deducted from the adjusted cost base (ACB) of the reacquired property Added to the ACB of the reacquired property for the purposed of determining the future capital gain or loss when the property is sold. QUESTION 3 An individual sold a cottage used to earn rental income for $55,000 (cost $50,000), furniture for $2.000 (cost $3,000 jewellery for $10,000 (cost $8,000) and stamps $2,000 (cost $5,000). What would be the amount of the taxable capital gain? $1,500 $2,000 $2,500 $3,000 4 po QUESTION 4 Personal use property (PUP) was sold for $3,000 (cost $8,000). What would be the taxable capital gain? $0

questions 3

Answer 1

Answer: Opion D: $3000

Total Selling Price = 55000+2000+10000+2000=$69000

Total cost =50000+3000+8000+5000=66000

So capital gain= 69000-66000=$3000