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What is the taxable income that must be included

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Question - Bond sold his rental property on August 25, 2021. Mr. Bond has always rented out the house since he purchased it. The following information is provided:

ACB/Capital Cost $472,000

UCC $255,000

Fair market value $950,000

A real estate agent is charging a sales commission on the rental property of 6% on the FMV and the lawyer has charged a fee of $3,000 for her services to close the deal. The real estate agent has incurred $6,000 in costs to stage the rental property.

Required - What is the taxable income that must be included in Mr. Bond's income for his tax return in respect of the above transaction?

Reference no: EM133144888

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