Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sharon slotten purchased shares in atco ltd. durin

Sharon Slotten purchased shares in ATCO Ltd. during the current year as follows:...

70.2K

Verified Solution

Question

Accounting

image

Sharon Slotten purchased shares in ATCO Ltd. during the current year as follows: Jan. 1: 200 shares for $25 per share April 2: 300 shares for $30 per share July 1: 100 shares sold for $45 per share Sept. 8: 500 shares for $24 per share On December 22, of the current year Sharon sells 200 ATCO Ltd. shares for $35 per share and pays $100 in sales commission. Required: Calculate the taxable capital gain or loss included in Sharon's NET INCOME under paragraph 3(b) of the Income Tax Act. Solution: Date No. of shares 200 300 Cost per share Cost in Pool $ 25.00 $ 5,000 $ 30.00 $ 9,000 Jan. 1 Apr.2 Subtotal 01-Jul Sept. 8 Total 100 $ 45.00 $ 4,500 Dec.22 01-Jul 200 $ Calculation of Capital Gain: Proceeds of disposition Selling costs Adjusted cost base Capital Gain (loss) Capital Gains reserve Capital Gain Inclusion rate Taxable capital gain Total $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The clinical symptoms of two forms of galactosemia show radically different severity. Deficiency of galactokinase Deficiency of UDP-glucose:galactose...

Biology
Q

A very long wire ABDMNDC is showr figure carrying current I AB and BC parts...

Physics
Q

Evaluate the integral 3 Sxe x dx Xe 1 3 xe x dx Xe 1...

Calculus
Q

Determine the correct graph for the following equation y 8y 4x 8 0

Calculus
Q

Which of the following statements about CSA is false? most implemented CSA programs share some...

Accounting
Q

Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially...

Accounting
Q

Jasper Company, a machine tooling firm, has several plants. One plant, located in Saint Cloud,...

Accounting
Q

Exercise 11-15 Break-even point LO6 Connor Corporation sells products for $25 each that have variable...

Accounting
Q

On October 31, 2021, Sheridan Company had a cash balance per books of $8,967. The...

Accounting
Q

High Country, Inc., peoduces and sels many recreational products. The company has just opened a...

Accounting
Q

Question 33 2.5 pts You are considering two investments in stock; an investment in "The...

Finance
Q

Jones Corp.'s capital structure was as follows: December 31 Year 3 Year 2 Outstanding shares...

Accounting