Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sharon slotten purchased shares in atco ltd. durin

Sharon Slotten purchased shares in ATCO Ltd. during the current year as follows:...

70.2K

Verified Solution

Question

Accounting

image

Sharon Slotten purchased shares in ATCO Ltd. during the current year as follows: Jan. 1: 200 shares for $25 per share April 2: 300 shares for $30 per share July 1: 100 shares sold for $45 per share Sept. 8: 500 shares for $24 per share On December 22, of the current year Sharon sells 200 ATCO Ltd. shares for $35 per share and pays $100 in sales commission. Required: Calculate the taxable capital gain or loss included in Sharon's NET INCOME under paragraph 3(b) of the Income Tax Act. Solution: Date No. of shares 200 300 Cost per share Cost in Pool $ 25.00 $ 5,000 $ 30.00 $ 9,000 Jan. 1 Apr.2 Subtotal 01-Jul Sept. 8 Total 100 $ 45.00 $ 4,500 Dec.22 01-Jul 200 $ Calculation of Capital Gain: Proceeds of disposition Selling costs Adjusted cost base Capital Gain (loss) Capital Gains reserve Capital Gain Inclusion rate Taxable capital gain Total $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

You have $10636 to invest in a stock portfolio. Your choices are Stock X with an...

Basic Math
1.2K views

For the following pair of functions, ?(?) = ? 2 ? 2, ?(?) = ??...

Medical Sciences
1.2K views

In Mediterranean countries, it is traditionally recommended to drink a glass of olive oil per day...

Physics
1.2K views

If two liquids of same masses but densities P and P2 respectively are mixed then...

Calculus
1.2K views

as integram 1 Lady dxdy 1 xy 0 0 is an improper integral and could...

Accounting
1.2K views

Discuss the difference between Mediation and Arbitration. Give an example of...

Accounting
1.2K views

Which of the following is NOT allowed by the employment-at-will doctrine? Question 3 options: a....

Accounting
1.2K views

Upon looking in our supply area, we noted that $8,670 worth of supplies remain. Account...

Accounting
1.2K views

Calculate the Federal Income tax earned for 2021 by a person whose taxable income is:...

Finance
1.2K views

hows a credit default swap used to manage risk

Finance
1.2K views

Mary has been a diligent investor. She invests $10,000 at the end of each year...

Finance
1.2K views

What annual effective rate of interest, reff, results when an annual stated rate of interest...