Shun Li sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Shun Li sold a capital property on July 31, 2019 for $400,000. She received $100,000 at the time of sale with the balance of $300,000 payable on July 31, 2021. The adjusted cost base of the property was $160,000. The minimum taxable
capital gain that Shun Li can report in the 2019taxation year is:
- $30,000.
- $60,000.
- $120,000.
- $180,000.
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