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What is the proceeds of disposition

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Question - Sharon bought a house in 2003 for $500,000 and rented it to a third party until May 2014. The following month she moved into the house and filed a no-change-of- use-election under ITA 45(3). In, 2021 Sharon sold the house for $950,000.

1. What is the proceeds of disposition?

2. What is the ACB?

3. Therefore the Capital Gain is:

4. How many years was actually inhabited by the owner?

5. If she filed an election designating the house as her principal residence for the additional 4 years, then the total number of years of principal residence is:

6. What would be the principal residence exemption portion of the capital gain to be reported?

7. What would be the taxable capital gain that would be reported?

8. If she chose to ignore or forgot to apply the special election, what would be her taxable capital gain?

9. How does the Federal Income Tax Act view Income from a sole proprietorship and partnership income?

Reference no: EM133131742

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