D sold capital property in the current year for net proceeds of $800,000. The property has an adjusted cost base of $100,000. B received $50,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following eight years. What is the minimum taxable capital gain to be reported in the current year?
D sold capital property in the current year for net proceeds of $800,000. The property has an adjusted cost base of $100,000. B received $50,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following eight years. What is the minimum taxable capital gain to be reported in the current year?
Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 84P
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D sold capital property in the current year for net proceeds of $800,000. The property has an adjusted cost base of $100,000. B received $50,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following eight years. What is the minimum taxable
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