In 2018, Lex Steller acquires £10,000 at a rate of £1 = $1.80. The funds are immediately used to acquire 500 shares of a British company, Upper Lip Ltd., at a price of £20 per share. In January, 2020, he sells all of the shares for £32 per share, leaving all of the British pounds in his trading account. At this time, £1 = $1.60. In December, 2020, he converts the British pounds to Canadian dollars at a rate of £1 = $1.70. What amounts will be included in Mr. Steller's 2020 Net Income For Tax Purposes as a result of these transactions?

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The Answer of In 2018, Lex Steller acquires £10,000 at a rate of £1 = $1.80. The funds are immediately used to acquire 500 shares of a British company, Upper Lip Ltd., at a price of £20 per share. In January, 2020, he sells all of the shares for £32 per share, leaving all of the British pounds in his trading account. At this time, £1 = $1.60. In December, 2020, he converts the British pounds to Canadian dollars at a rate of £1 = $1.70. What amounts will be included in Mr. Steller's 2020 Net Income For Tax Purposes as a result of these transactions?

In 2018, Lex Steller Acquires £10,000 at a Rate of £1