H sold land to his sibling for $220,000. The land is used for farming and at the time of the

H sold land to his sibling for $220,000. The land is used for farming and at the time of the

Question:

H sold land to his sibling for $220,000. The land is used for farming and at the time of the sale had a market value of $260,000. Two years after the sale the sibling sold the land for $300,000. What amount is included in the sibling’s net income for tax purposes from the sale of the land?

2. B had earned income of $70,000 in 2021 and $90,000 in 2022. At the end of 2021 their pension adjustment was $2,000 and their unused RRSP deduction room was $4,000. What is B’s maximum RRSP deduction in 2022?

3. In the current year J gifted shares of a public corporation to her child who is 16 years old. The shares, that originally cost $12,000, had a market value of $18,000 at the time of the gift. Later in the same year, the child received an eligible dividend of $300 from the public corporation and then sold the shares for $28,000. What amount, if any, is included in J’s net income for tax purposes in the year?
 

4. In the current year F moved from Edmonton to Calgary to work at his employer’s head office. He incurred the following expenses related to the move: moving company to pack and move belongings $9,000, sales commission on sale of Edmonton home $20,000, utility and property tax costs of Edmonton home subsequent to moving but prior to sale $6,000, land transfer tax to purchase new home in Calgary $8,000, and legal fee to sell Edmonton home $1,000. F’s salary in the current year was $110,000 of which $36,000 was earned while living in Calgary. What is the maximum amount that can be deducted from F’s income for tax purposes in the current year?
please do step by step calculation

Expert Answer:

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Let s calculate the tax implications for each scenario step by step 1 Sibling s Land Sale H sold the land to the sibling for 220 000 which is below th
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