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Mr. Firenza owns a number of personal assets, all of which were acquired while he was a resident of Canada. As he plans to spend the next five years travelling the globe, he will be converting most of his possessions to cash.
The assets he will be selling in the current year can be described as follows:
Required:
Problem 1: Mr. Firenza has asked you to determine the amount that would have to be included in his Net Income For Tax Purposes if all of these assets were sold for their estimated values. Indicate any amounts that may be available for carry over to other years.
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