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Asset Description 750 Dr. James Jones Professional Corporation Proceeds of Disposition $3,100 per share Original Price Paid $85 per share Additional information: Dr. Jones had to liquidate some shares of his privately owned professional corporation (which operates his dental practice) to pay for a settlement to his former spouse. Dr. Jones paid legal fees related to this sale of shares of $16,540. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC). Asset Description Gold ring Proceeds of Disposition $4,900 Original Price Paid $0 Additional information: Dr. Jones inherited this ring from his mother's estate. At the time of his mother's death, the ring had a fair market value of $290. Asset Description Westjet shares Proceeds of Disposition $48 per share (December) Original Price Paid Various Additional information: Dr. Jones purchased the Westjet shares over a period of time. Several years ago, he purchased 1,100 shares for $21 per share. In January of the previous taxation year, Dr. Jones purchased 700 shares for $17 per share. In April of the previous taxation year, Dr. Jones sold 1,100 shares at $20 per share to buy a gift for his wife. In June of the current taxation year, Dr. Jones purchased 1,050 shares for $28 per share. In October of the current taxation year, Dr. Jones purchased another 1,400 shares for $35 per share. In December of the current year, Dr. Jones sold all of his remaining Westjet shares. There are no brokerage fees on any of the Westjet share transactions.

Asset Description 750 Dr. James Jones Professional Corporation Proceeds of Disposition $3,100 per share Original Price Paid $85 per share Additional information: Dr. Jones had to liquidate some shares of his privately owned professional corporation (which operates his dental practice) to pay for a settlement to his former spouse. Dr. Jones paid legal fees related to this sale of shares of $16,540. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC). Asset Description Gold ring Proceeds of Disposition $4,900 Original Price Paid $0 Additional information: Dr. Jones inherited this ring from his mother's estate. At the time of his mother's death, the ring had a fair market value of $290. Asset Description Westjet shares Proceeds of Disposition $48 per share (December) Original Price Paid Various Additional information: Dr. Jones purchased the Westjet shares over a period of time. Several years ago, he purchased 1,100 shares for $21 per share. In January of the previous taxation year, Dr. Jones purchased 700 shares for $17 per share. In April of the previous taxation year, Dr. Jones sold 1,100 shares at $20 per share to buy a gift for his wife. In June of the current taxation year, Dr. Jones purchased 1,050 shares for $28 per share. In October of the current taxation year, Dr. Jones purchased another 1,400 shares for $35 per share. In December of the current year, Dr. Jones sold all of his remaining Westjet shares. There are no brokerage fees on any of the Westjet share transactions.

FINANCIAL ACCOUNTING
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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Asset Description 750 Dr. James Jones Professional Corporation Proceeds of Disposition $3,100 per share Original Price Paid $85 per share Additional information: Dr. Jones had to liquidate some shares of his privately owned professional corporation (which operates his dental practice) to pay for a settlement to his former spouse. Dr. Jones paid legal fees related to this sale of shares of $16,540. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC). Asset Description Gold ring Proceeds of Disposition $4,900 Original Price Paid $0 Additional information: Dr. Jones inherited this ring from his mother's estate. At the time of his mother's death, the ring had a fair market value of $290. Asset Description Westjet shares Proceeds of Disposition $48 per share (December) Original Price Paid Various Additional information: Dr. Jones purchased the Westjet shares over a period of time. Several years ago, he purchased 1,100 shares for $21 per share. In January of the previous taxation year, Dr. Jones purchased 700 shares for $17 per share. In April of the previous taxation year, Dr. Jones sold 1,100 shares at $20 per share to buy a gift for his wife. In June of the current taxation year, Dr. Jones purchased 1,050 shares for $28 per share. In October of the current taxation year, Dr. Jones purchased another 1,400 shares for $35 per share. In December of the current year, Dr. Jones sold all of his remaining Westjet shares. There are no brokerage fees on any of the Westjet share transactions.
Transcribed Image Text:Asset Description 750 Dr. James Jones Professional Corporation Proceeds of Disposition $3,100 per share Original Price Paid $85 per share Additional information: Dr. Jones had to liquidate some shares of his privately owned professional corporation (which operates his dental practice) to pay for a settlement to his former spouse. Dr. Jones paid legal fees related to this sale of shares of $16,540. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC). Asset Description Gold ring Proceeds of Disposition $4,900 Original Price Paid $0 Additional information: Dr. Jones inherited this ring from his mother's estate. At the time of his mother's death, the ring had a fair market value of $290. Asset Description Westjet shares Proceeds of Disposition $48 per share (December) Original Price Paid Various Additional information: Dr. Jones purchased the Westjet shares over a period of time. Several years ago, he purchased 1,100 shares for $21 per share. In January of the previous taxation year, Dr. Jones purchased 700 shares for $17 per share. In April of the previous taxation year, Dr. Jones sold 1,100 shares at $20 per share to buy a gift for his wife. In June of the current taxation year, Dr. Jones purchased 1,050 shares for $28 per share. In October of the current taxation year, Dr. Jones purchased another 1,400 shares for $35 per share. In December of the current year, Dr. Jones sold all of his remaining Westjet shares. There are no brokerage fees on any of the Westjet share transactions.
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