John Travis owns a depreciable property that has a fair market value of $295,000. Its capital cost was $350,000 and it is the only asset in its CCA class. The balance in its CCA class is $245,000. John sells the property to his brother for its fair market value of $295,000. Later in the year, prior to taking any CCA on the asset, his brother sells the property for $315,000.
Determine the amount of income that would be recorded by Mr. Travis and his brother as a result of these transactions.

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The Answer of John Travis owns a depreciable property that has a fair market value of $295,000. Its capital cost was $350,000 and it is the only asset in its CCA class. The balance in its CCA class is $245,000. John sells the property to his brother for its fair market value of $295,000. Later in the year, prior to taking any CCA on the asset, his brother sells the property for $315,000.
Determine the amount of income that would be recorded by Mr. Travis and his brother as a result of these transactions.

John Travis Owns a Depreciable Property That Has a Fair