D sold capital property in the current year for net proceeds of $700,000. The property has an adjusted cost base of $300,000. B received $60,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following eight years. What is the minimum taxable capital gain to be reported in the current year?
D sold capital property in the current year for net proceeds of $700,000. The property has an adjusted cost base of $300,000. B received $60,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following eight years. What is the minimum taxable capital gain to be reported in the current year?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter12: Corporations: Organization, Capital Structure, And Operating Rules
Section: Chapter Questions
Problem 30P
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Transcribed Image Text:D sold capital property in the current year for net proceeds of $700,000. The property has an adjusted cost base of $300,000. B
received $60,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following eight
years. What is the minimum taxable capital gain to be reported in the current year?
$30,000
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