In the current year, Mary disposed of the following personal items: Proceeds Cost Car $1,700 $7,000 Jewellery 400 1,500 Oil 4,000 700 painting Antique table 2,800 800 Mary has an unclaimed capital loss on listed personal property of $2,000 that was incurred five years ago. Determine Mary's net taxable capital gains to be reported for the current year.

In the current year, Mary disposed of the following personal items: Proceeds Cost Car $1,700 $7,000 Jewellery 400 1,500 Oil 4,000 700 painting Antique table 2,800 800 Mary has an unclaimed capital loss on listed personal property of $2,000 that was incurred five years ago. Determine Mary's net taxable capital gains to be reported for the current year.

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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