Giang Ngo sold a piece of land in 2019 for $500,000.The original cost of the land was $100,000.Selling costs totaled $15,000.The land qualifies as capital property.The purchaser of the land paid Giang $80,000 in 2019 and will pay $84,000 each year for the next five years.
Required:
Calculate the minimum taxable capital gain that Giang will include in income for tax purposes for 2019 and 2020.

Question

Quizplus · Accepted Answer

The Answer of Giang Ngo sold a piece of land in 2019 for $500,000.The original cost of the land was $100,000.Selling costs totaled $15,000.The land qualifies as capital property.The purchaser of the land paid Giang $80,000 in 2019 and will pay $84,000 each year for the next five years.
Required:
Calculate the minimum taxable capital gain that Giang will include in income for tax purposes for 2019 and 2020.

Giang Ngo Sold a Piece of Land in 2019 for $500,000.The