Charles owned a rental property. He originally acquired the property for $960,000 with $550,000 of...
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Charles owned a rental property. He originally acquired the property for $960,000 with $550,000 of the cost attributed to the building. Over the years, Charles has claimed CCA of $75,000, such that his UCC at the beginning of the year was $475,000. The rental property is the only asset in the class. This year, he sold the property for $2,080,000, with $1,850,000 of the sale price attributed to the building.
What is the tax implication to Charles of the sale of his property?
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