Reference no: EM132607501
Question - Basil Solomon disposed of certain capital investments during the year, as follows.
1. Sale of a luxury rental condominium in December, 2019 for proceeds of $1,075,000. Basil had paid $708,000 in January, 2019 to acquire this property, but had been unable to rent it during the year. In order to facilitate the sale, Basil took back a mortgage in the amount of $525,000 for 5 years @ 8%. The mortgage calls for annual capital and interest payments beginning in 2020. Basil paid $59,000 in commission costs.
2. Sale of various personal capital items during 2019.
Jewelry sold 2000, cost 800
Antique chair sold 3600, cost 2200
Bicycle sold 700, cost 1200
Painting sold 900, cost 600
Coins sold 1600 cost 1400
Basil has a listed personal property loss carried forward from 2015 of $200.
REQUIRED - Calculate Basil's taxable capital gain for each disposition of capital property.
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