Bass Ltd., a Canadian-controlled private corporaon, sold two parcels of land during its 2023 taxaon...
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Bass Ltd a Canadiancontrolled private corporaon sold two parcels of land during its taxaon year. Details of each transacon are as follows: Bass sold a onehectare site in Otawa for $ They received the full price in cash. They had purchased the land five years before for $ Bass had intended to construct a warehouse on the land for the purpose of storing inventory for its retail stores. Subsequently, they decided that the warehouse should be located in Sudbury; for this reason, Bass sold the Otawa site. Bass sold a twohectare site in Guelph for $ They had purchased the land two years previously for $ with the intenon of selling it aer property values increased. Bass received a $ down payment in The full balance of the purchase price is due and payable in Required: a Determine the minimum increase to the income for tax purposes of Bass Ltd as a result of the two property sales ignore interest consideraons on any unpaid balanceb In what years will the gain, if any, be recognized for the Guelph property?
Bass Ltd a Canadiancontrolled private corporaon sold two parcels of land during its taxaon year. Details of each transacon are as follows: Bass sold a onehectare site in Otawa for $ They received the full price in cash. They had purchased the land five years before for $ Bass had intended to construct a warehouse on the land for the purpose of storing inventory for its retail stores. Subsequently, they decided that the warehouse should be located in Sudbury; for this reason, Bass sold the Otawa site. Bass sold a twohectare site in Guelph for $ They had purchased the land two years previously for $ with the intenon of selling it aer property values increased. Bass received a $ down payment in The full balance of the purchase price is due and payable in Required: a Determine the minimum increase to the income for tax purposes of Bass Ltd as a result of the two property sales ignore interest consideraons on any unpaid balanceb In what years will the gain, if any, be recognized for the Guelph property?
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