n November 4, 2020, Blue Company acquired an asset (27.5 year residential real property) for $200,000 for use in its business. In 2020 and 2021, resp educted $642 and $5,128 of cost recovery. These amounts were incorrect. Blue applied the wrong percentages for years 2020 and 2021. (those for 39 an 27.5 year assets). Blue should have taken $910 and $7,272 cost recovery in 2020 and 2021, respectively. On January 1, 2022, the asset was sold fo ue took the correct percentages for 2022. What is the difference in the amount of 2022 loss as a result of incorrectly applying cost recovery percentages in years 2020 and 2021? ound your answer to the nearest dollar, and do not include cents, commas or dollar sign. For example: if the answer is 100 simply write 100, (and NOT $100, $1 0.00)

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.