Question a) Mr. Jones purchased 250 shares of Ruth Limited on February 1 of the...
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Accounting
Question a)
Mr. Jones purchased 250 shares of Ruth Limited on February 1 of the current year for $20 per share. On May 1 of the current year, he purchased 100 more shares for $25 per share. On June 20 of the current year, Mr. Jones sells 100 shares for $15 per share. His allowable capital loss on June 20 is $643.00.
| True | |
| False |
Question b)
When an individual taxpayer leaves Canada, the following property would be exempt from the deemed disposition rule:
|
| Stamp and coin collection |
|
| House located in Halifax |
|
| Jewelry |
|
| Royal Bank shares |
Question c)
Losses on the disposition of all personal use property can be deducted, but only against gains on the disposition of personal use property.
| True | |
| False |
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