George Brown disposed of 1,600 common shares in RBC Inc. late in 2023. The proceeds of disposition on the sale were $45,000 (before commissions). Before the sale, George owned 4,000 RBC shares which he had acquired over the previous three years as follows: Year Acquired Total Shares 2020 1500 2021 1200 2022 1300 Amount Paid $26,200 $24,360 $32,360 The commissions on the sale were 8% of the gross sales. What is the amount of taxable capital gain/(loss) to be reported on Georges' 2023 personal tax return? Taxable Capital Gain of $4,266 Capital Gain of $11,832 Taxable Capital Gain of $4,116 Taxable capital gain of $5,916
George Brown disposed of 1,600 common shares in RBC Inc. late in 2023. The proceeds of disposition on the sale were $45,000 (before commissions). Before the sale, George owned 4,000 RBC shares which he had acquired over the previous three years as follows: Year Acquired Total Shares 2020 1500 2021 1200 2022 1300 Amount Paid $26,200 $24,360 $32,360 The commissions on the sale were 8% of the gross sales. What is the amount of taxable capital gain/(loss) to be reported on Georges' 2023 personal tax return? Taxable Capital Gain of $4,266 Capital Gain of $11,832 Taxable Capital Gain of $4,116 Taxable capital gain of $5,916
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:George Brown disposed of 1,600 common shares in RBC Inc. late in 2023. The proceeds of
disposition on the sale were $45,000 (before commissions). Before the sale, George owned 4,000
RBC shares which he had acquired over the previous three years as follows:
Year Acquired
Total Shares
2020
1500
2021
1200
2022
1300
Amount Paid
$26,200
$24,360
$32,360
The commissions on the sale were 8% of the gross sales. What is the amount of taxable capital
gain/(loss) to be reported on Georges' 2023 personal tax return?
Taxable Capital Gain of $4,266
Capital Gain of $11,832
Taxable Capital Gain of $4,116
Taxable capital gain of $5,916
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