Tom Cruiser is buying a single-family residence in Oakvile, Ontario, for $805,000. According to the land transfer tax affidavit , the value of the land, building, fixtures, and goodwill subject to land transfer tax is $800,000 and the value of chattels included in the transaction is $5,000. Calculate the land transfer tax and the harmonised sales tax (HST) payable on the transaction.
Tom Cruiser is buying a single-family residence in Oakvile, Ontario, for $805,000. According to the land transfer tax affidavit , the value of the land, building, fixtures, and goodwill subject to land transfer tax is $800,000 and the value of chattels included in the transaction is $5,000. Calculate the land transfer tax and the harmonised sales tax (HST) payable on the transaction.
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 5CPA: Marsha exchanged land used in her business in Florida with an FMV of 72,700 and an adjusted basis of...
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Tom Cruiser is buying a single-family residence in Oakvile, Ontario, for $805,000. According to the land transfer tax affidavit , the value of the land, building, fixtures, and
Calculate the land transfer tax and the harmonised sales tax (HST) payable on the transaction.
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