Question

Spoons Ltd. has a December 31 year end. On April 1, 2020, all of the company's shares are acquired by a new owner. On March 31, 2020, the company has available a net capital loss carry forward of $35000. Also at the time, the company has the following assets: Non-depreciable property- ACB=$304000, UCC= N/A, FMV= $501000 Depreciable property- ACB= $390000, UCC= $351000, FMV= $506500 What is the proceeds of disposition on the non depreciable property that should be elected in order to exactly use up the available net capital loss? Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. Enter the response as a positive number. Your Answer:

          Spoons Ltd. has a December 31 year end. On April 1, 2020, all of the company's shares are acquired by a new owner. On March 31, 2020, the company has available a net capital loss carry forward of $35000. Also at the time, the company has the following assets:
Non-depreciable property- ACB=$304000, UCC= N/A, FMV= $501000
Depreciable property- ACB= $390000, UCC= $351000, FMV= $506500
What is the proceeds of disposition on the non depreciable property that should be elected in order to exactly use up the available net capital loss?
Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. Enter the response as a positive number.
Your Answer:

Added by Todd M.

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