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Calculate the minimum taxable capital gain

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Reference no: EM132809226

Giang Ngo sold a piece of land in 2019 for $500,000. The original cost of the land was $100,000. Selling costs totaled $15,000. The land qualifies as capital property. The purchaser of the land paid Giang $80,000 in 2019 and will pay $84,000 each year for the next five years.

Required:

Problem 1: Calculate the minimum taxable capital gain that Giang will include in income for tax purposes for 2019 and 2020.

Reference no: EM132809226

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