14.During the current year, Brayden Wu permanently departs from Canada and becomes a non-resident. At the time of his departure, he owns a rental property with a FMV of $625,000, a capital cost of $452,000, and a UCC of $424,000. The only other capital property that he owns is shares in a Canadian public company. These shares have an ACB of $140,000 and a FMV of $174,000. Which of the following amounts will be included in Brayden's net income as a result of his departure from Canada and becoming a non-resident? A. A taxable capital gain of $17,000 B. A taxable capital gain of $174,000 plus recapture of $34,000 C. A taxable capital gain of $87,000 plus recapture of $34,000 D. A taxable capital gain of $34,000

14.During the current year, Brayden Wu permanently departs from Canada and becomes a non-resident. At the time of his departure, he owns a rental property with a FMV of $625,000, a capital cost of $452,000, and a UCC of $424,000. The only other capital property that he owns is shares in a Canadian public company. These shares have an ACB of $140,000 and a FMV of $174,000. Which of the following amounts will be included in Brayden's net income as a result of his departure from Canada and becoming a non-resident? A. A taxable capital gain of $17,000 B. A taxable capital gain of $174,000 plus recapture of $34,000 C. A taxable capital gain of $87,000 plus recapture of $34,000 D. A taxable capital gain of $34,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 81P

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