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Question - Mr. Rhodes purchased a large tract of land on the edge of Edmonton in 1989 for $750,000. It was sold during April, 2020 to a developer for $2,500,000. He receives a down payment of $625,000 (25%) and accepts a 25 year, 8 percent mortgage for the balance of $1,875,000. The payments on this mortgage begin in the second year and require the repayment of $75,000 per year. Mr. Rhodes wishes to use reserves to defer the payment of taxes on capital gains for as long as possible. He classifies any gain on the land sale as a capital gain.
Calculate the net taxable capital gains of this sale for 2020, assuming that Mr. Rhodes deducts the maximum capital gains reserve.
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