In 2020, George gifted his rental property to his favourite niece. The land had a fair market value (FMV) of $225,000 and an adjusted cosĩ base of $80,000; the building had a FMV of $425,000, a capital cost of $250,000 and an undepreciated capital cost of $190,000. What amount is added to George's taxable income for 2020 as a result of the above transaction?
In 2020, George gifted his rental property to his favourite niece. The land had a fair market value (FMV) of $225,000 and an adjusted cosĩ base of $80,000; the building had a FMV of $425,000, a capital cost of $250,000 and an undepreciated capital cost of $190,000. What amount is added to George's taxable income for 2020 as a result of the above transaction?
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 51P
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Transcribed Image Text:In 2020, George gifted his rental property to his favourite niece.
The land had a fair market value (FMV) of $225,000 and an adjusted cost base of
$80,000; the building had a FMV of $425,000, a capital cost of $250,000 and an
undepreciated capital cost of $190,000.
What amount is added to George's taxable income for 2020 as a result of the above
transaction?
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ISBN:
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Author:
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Publisher:
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