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How much will Bernard have to report as net property income

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Reference no: EM132992410

Question - Bernard, on January 1, 2020 borrowed $5,000 by signing a 1-year note payable at 6% interest and used the money to purchase 2,000 common shares of Import Ltd., a Canadian public corporation for $2.50 per share. During 2020 Import Ltd. paid dividends of $0.35 per share. On December 31, 2020 Bernard repaid the $5,000 he borrowed plus $300 in interest. How much will Bernard have to report as his net property income on 2020?

Reference no: EM132992410

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