3 Bob sold the following assets in the current year: 4 5 6 7 A piece of furniture purchased for $900 and sold for proceeds of $750 A car (for his personal use) originally purchased for $4,000 and sold for proceeds of $1,500 A gold chain with a cost of $800 was sold for proceeds of $1,500 8 Required: What is Bob's tax impact of the sale of assets? 9 10 11 Solution: 12 12 13 Calculation of Capital Gain: Furniture (PUP) Car (PUP) Gold Chain (LPP) 14 Proceeds of disposition 15 Adjusted cost base 16 POD (applying $1,000 rule) 17 ACB (applying $1,000 rule) 18 Capital Gain (Loss) 19 Inclusion rate 2222 23 20 Allowable capital loss 21 $ 24 25 26 ՄՌ $ $ Loss is denied Gain is subject to tax

3 Bob sold the following assets in the current year: 4 5 6 7 A piece of furniture purchased for $900 and sold for proceeds of $750 A car (for his personal use) originally purchased for $4,000 and sold for proceeds of $1,500 A gold chain with a cost of $800 was sold for proceeds of $1,500 8 Required: What is Bob's tax impact of the sale of assets? 9 10 11 Solution: 12 12 13 Calculation of Capital Gain: Furniture (PUP) Car (PUP) Gold Chain (LPP) 14 Proceeds of disposition 15 Adjusted cost base 16 POD (applying $1,000 rule) 17 ACB (applying $1,000 rule) 18 Capital Gain (Loss) 19 Inclusion rate 2222 23 20 Allowable capital loss 21 $ 24 25 26 ՄՌ $ $ Loss is denied Gain is subject to tax

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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