During 2019, Jack Harris sells a capital asset with an adjusted cost base of $87,200 for proceeds of $105,300. He receives a down payment of $5,300 in 2019, a second payment of $50,000 in 2020, and a final payment of $50,000 in 2021. What is the minimum amount that Jack will have to include in Net Income For Tax Purposes in 2019, 2020, and 2021 as a result of this sale?

Question

Quizplus · Accepted Answer

The Answer of During 2019, Jack Harris sells a capital asset with an adjusted cost base of $87,200 for proceeds of $105,300. He receives a down payment of $5,300 in 2019, a second payment of $50,000 in 2020, and a final payment of $50,000 in 2021. What is the minimum amount that Jack will have to include in Net Income For Tax Purposes in 2019, 2020, and 2021 as a result of this sale?

During 2019, Jack Harris Sells a Capital Asset with an Adjusted