Greta Snow sold the following items prior to moving to Europe:
Required:
Calculate the amount of taxable income from Greta's sales, identifying the appropriate categories of capital property.

Question

Greta Snow sold the following items prior to moving to Europe:
  Required:
Calculate the amount of taxable income from Greta's sales, identifying the appropriate categories of capital property.

Quizplus · Accepted Answer

The Answer is Personal Use Property Personal Use Property Listed Personal Property *As per ITA 46(1) to (3) Financial Property $1,000 (PUP Gain) + $1,500 (Net LPP Gain) - $1,000 (Financial Loss) = $1,500 Capital Gain = $750 Taxable Capital Gain

Personal Use Property Listed Personal Property *As per ITA 46(1) to (3) Financial Property $1,000 (PUP Gain) + $1,500 (Net LPP Gain) - $1,000 (Financial Loss) = $1,500 Capital Gain = $750 Taxable Capital Gain

Listed Personal Property Personal Use Property Listed Personal Property *As per ITA 46(1) to (3) Financial Property $1,000 (PUP Gain) + $1,500 (Net LPP Gain) - $1,000 (Financial Loss) = $1,500 Capital Gain = $750 Taxable Capital Gain

*As per ITA 46(1) to (3) Financial Property Personal Use Property Listed Personal Property *As per ITA 46(1) to (3) Financial Property $1,000 (PUP Gain) + $1,500 (Net LPP Gain) - $1,000 (Financial Loss) = $1,500 Capital Gain = $750 Taxable Capital Gain

$1,000 (PUP Gain) + $1,500 (Net LPP Gain) - $1,000 (Financial Loss) = $1,500 Capital Gain = $750 Taxable Capital Gain

Greta Snow Sold the Following Items Prior to Moving to Europe