What is the net taxable capital gain

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Q1. During the current year, Remy Greenfield disposes of two personal items. She sells a sailboat for $80000 that was originally purchased for $32000. She also sells an automobile for proceeds of $15000 that was originally purchased for 30000. What is the net taxable capital gain she must include in her division B income?

Q2. During a taxation period, Darcy Wholesalers purchased merchandise for $223000. Merchandise sales during this period totaled $421000 and the cost of the merchandise sold was 253000. Ignoring all other costs incurred by Darcy and assuming a rate of 5 percent, how much tax would be paid by Darcy under an account-based VAT system (net tax owing)?

Q3. During the current year, Remy Greenfield disposes of two personal items. She sells an oil painting for $76000 that was originally purchased for $33000. She also sells a diamond necklace for proceeds of $11000 that was originally purchased for 33000. What is the net taxable capital gain she must include in her division B income?

Reference no: EM133177008

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