Mrs. Yellow sold a piece of land in 2019 for $500,000. She originally paid $100,000...
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Mrs. Yellow sold a piece of land in 2019 for $500,000. She originally paid $100,000 for the land. Selling costs totalled $15,000. The land is classified as capital property. The purchaser of the land paid Mrs. Yellow $80,000 in 2019, with the remainder due in the following year. Required: Calculate the taxable capital gain that Mrs. Yellow will have to include in his income for tax purposes in 2019 and 2020.
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