Solution-What is the tax consequence associated

What is the tax consequence associated

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Question - Margaret purchased property in 1995 that was comprised of a building and land. The total purchase price was? $150,000 where? $60,000 was allocated to the land and? $90,000 to the building. In? 2016, Margaret sold the property for? $330,000. At the time of? sale, a valuation confirmed that the land represented the same proportion of the total value as when the property was originally purchased. During the time that Margaret owned the? property, she claimed? $20,000 in capital cost allowance. What is the tax consequence associated with? Margaret's disposition of the? property?

A. A taxable capital gain of? $90,000 only.

B. A capital gain of? $128,000 only.

C. Taxable Income of? $200,000.

D. Taxable income of? $110,000.

Reference no: EM133170552

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What is the tax consequence associated

Reference no: EM133170552

Reference no: EM133170552

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