1) In 2016 Kiran sold, for $450,000, the house where he and his family had lived for the last seven years. He bought the house for $300,000 in 2012. Kiran is in the 26% income tax bracket. How much tax, if any, he had to pay on the gain for selling his house? Select one: 0 a $7.000
1) In 2016 Kiran sold, for $450,000, the house where he and his family had lived for the last seven years. He bought the house for $300,000 in 2012. Kiran is in the 26% income tax bracket. How much tax, if any, he had to pay on the gain for selling his house? Select one: 0 a $7.000
Chapter3: Income Sources
Section: Chapter Questions
Problem 35P
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Kk.74.
Transcribed Image Text:1) In 2016 Kiran sold, for $450,000, the house where he and his
family had lived for the last seven years.
He bought the house for $300,000 in 2012. Kiran is in the 26%
income tax bracket. How much tax, if any, he had to pay on the
gain for selling his house?
Select one:
O a. $7,000
O b. $19,500
O c. $39,000
O d. None of these amount is correct
2) Jason, in Mississauga, Ontario owns 500 shares in Nirvana
Healthcare, a pharmaceutical company, located in Buffalo, New
York. The company recently declared and paid dividend of $1.50/
share. Assuming Jason's marginal tax rate is 22%, approximately
how much tax he has to pay on this dividend income?
Select one:
O a. $24
O b. $0
O c. None of these is correct
O d. $55
O e. $38
3) Besides using fund for a down-payment when purchasing a
house for 1st time, one can also withdraw fund from RRSP
without paying withholding tax for which of the following:
Select one:
O a. Paying for medical expenses
O b. Paying for lifelong learning expenses
O c. Paying for traveling expenses
O d. Paying for moving expenses
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