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Bob sold a capital property on December 31, 2023 for $300,000 cash and $280,000 payable December 31, 2024. The ACB of the property was $170,000 and the selling costs totalled $10,000. Which one of the following amounts represents the minimum taxable capital gain required to be included in income for the 2023 taxation year if the maximum capital gains reserve is claimed? $10,000. $12,000. $4,000. $24,000.

Bob sold a capital property on December 31, 2023 for $300,000 cash and $280,000 payable December 31, 2024. The ACB of the property was $170,000 and the selling costs totalled $10,000. Which one of the following amounts represents the minimum taxable capital gain required to be included in income for the 2023 taxation year if the maximum capital gains reserve is claimed? $10,000. $12,000. $4,000. $24,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Dinesh Bhai 

Bob sold a capital property on December 31, 2023 for $300,000 with $20,000 paid in cash and $280,000 payable December 31, 2024. The ACB of the property was $170,000 and the selling costs totalled $10,000. Which one of the following amounts represents the minimum taxable capital gain required to be included in income for the 2023 taxation year if the maximum capital gains reserve is claimed? $10,000. $12,000. $4,000. $24,000.
Transcribed Image Text:Bob sold a capital property on December 31, 2023 for $300,000 with $20,000 paid in cash and $280,000 payable December 31, 2024. The ACB of the property was $170,000 and the selling costs totalled $10,000. Which one of the following amounts represents the minimum taxable capital gain required to be included in income for the 2023 taxation year if the maximum capital gains reserve is claimed? $10,000. $12,000. $4,000. $24,000.
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