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In addition to the information provided in Q8, Nick has the following capital gain transactions...

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Accounting

In addition to the information provided in Q8, Nick has the following capital gain transactions that need to be considered:

  1. Nick received proceeds of $295,000 on the sale of vacant land located in Fuddville on 30 March CY. The land was purchased on 2 April 2003 for $325,000.
  2. Nick sold all his shares in Bugs Bunny Ltd on 1 January CY receiving proceeds of $4,300. The shares had cost Nick $5,600 on 15 May PY. Brokerage had cost 5% at both sale and purchase.
  3. Nick received proceeds of $790,000 on 28 August 2020 for the sale of a vacant land in Daffytown. The property had been purchased on 18 September 1983 and subdivided in to separate parcels of land. The land had initially cost Nick $550,000.

Based on the additional facts and relevant tax laws, what is the net capital gain or loss that would be disclosed in Nicks income tax return?

A $14,795 capital loss
B $328,205
C $88,205
D $225,205 capital gain

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