Question a) Mr. Jones purchased 250 shares of Ruth Limited on February 1 of the...
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Accounting
Question a)
Mr. Jones purchased 250 shares of Ruth Limited on February 1 of the current year for $20 per share. On May 1 of the current year, he purchased 100 more shares for $25 per share. On June 20 of the current year, Mr. Jones sells 100 shares for $15 per share. His allowable capital loss on June 20 is $643.00.
True
False
Question b)
When an individual taxpayer leaves Canada, the following property would be exempt from the deemed disposition rule:
Stamp and coin collection
House located in Halifax
Jewelry
Royal Bank shares
Question c)
Losses on the disposition of all personal use property can be deducted, but only against gains on the disposition of personal use property.
True
False
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