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What amounts will be included in Myles Net Income

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Question - Style Ltd. has 100,000 shares outstanding with a PUC of $6 per share. Myles Nguyen owns 10,000 of these shares which they acquired at a cost of $6 per share. During 2020, the company redeems Myles's shares at a price of $14 per share. What amounts will be included in Myles's Net Income for Tax Purposes as a result of the redemption? Assume Style has a GRIP balance of $NIL at the end of 2020. Please round your answer to the nearest whole number.

Reference no: EM132862948

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