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  3. during the current year, sean sold shares for $400

During the current year, Sean sold shares for $400,000 that he had purchased in 1985...

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Accounting

During the current year, Sean sold shares for $400,000 that he had purchased in 1985 for $50,000. These shares are considered to be Qualified Small Business Corporation Shares (QSBCS) and the only type of shares he has owned in his lifetime.

REQUIRED : What impact does this transaction have on Sean's taxable income. Show your calculations

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