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Calculate the capital gain on the sale of the asset

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Reference no: EM133157808

Question - During August 2021, Ms. Anita Smith sells a capital asset with an adjusted cost base of $100,000, for proceeds of $200,000. She receives $50,000 of this amount in cash, with the remaining balance due at the end of the following year.

Required -

A. Calculate the Capital Gain on the sale of the asset.

B. Complete the table to calculate the minimum Taxable Capital Gain that Anita will have to include in her income regarding this transaction in the 2020 and 2021 taxation years.

Reference no: EM133157808

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