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What amount smart is required to recognize a capital loss

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Question - Jim acquired control of Smart Ltd. from an unrelated person on May 15, 2014. The following information relates to the inventory and capital assets owned by Smart Ltd. at that time.

 

Cost

FMV

Inventory

$120,000

$100,000

Land

200,000

140,000

Building

100,000

75,000

Marketable securities

20,000

30,000

For its taxation year ended on May 14, 2014, what amount Smart Ltd. is required to recognize a capital loss?

(A) $85,000

(B) $80,000

(C) $60,000

(D) $50,000

Reference no: EM132599295

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