Individual A owns shares of a Canadian-controlled private corporation. All of the corporation's past income has been eligible for the small business deduction. The shares are valued at $200,000 and have an ACB and PUC of $120,000. In 2020, The corporation redeems the shares and A receives $200,000. What amount is included in A's taxable income?

Individual A owns shares of a Canadian-controlled private corporation. All of the corporation's past income has been eligible for the small business deduction. The shares are valued at $200,000 and have an ACB and PUC of $120,000. In 2020, The corporation redeems the shares and A receives $200,000. What amount is included in A's taxable income?

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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