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What year taxable capital gain for the transaction is

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LAST YEAR, Mary_sold her Diamond Ring (LPP) for $4,000. She purchased the Ring in 1995 for $500. The buyer only paid 80% of the total proceeds last year. The balance of the proceeds was paid this year. Assume that Linda minimized her capital gains on this transaction last year.

Problem 1: What Year's Taxable Capital Gain for this transaction is

Reference no: EM132702619

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