Question

Texts: Mr. Arnold has capital gains and capital losses from stock market trading. His gains included $2,350 from the sale of Microsoft shares on January 20, $1,000 from the sale of Apple shares on March 24, and a $5,000 loss from the sale of Teck shares which he sold on August 1. He has incurred a total of $1,350 in commissions for the sale of Microsoft and Apple shares. He regretted the sale of Teck shares and purchased the same number of shares back on August 29 of the same year. In 2017, Mr. Arnold acquired £12,500 at a rate of £1 = $1.80. The funds were immediately used to acquire 500 shares of a British company, Zone Ltd., at a price of £25 per share. In January 2020, he sold all of the shares for £32 per share, leaving all of the British pounds in his trading account. At this time, £1 = $1.60. In December 20XX, he converted the British pounds to Canadian dollars at a rate of £1 = $1.70.

          Texts: Mr. Arnold has capital gains and capital losses from stock market trading. His gains included $2,350 from the sale of Microsoft shares on January 20, $1,000 from the sale of Apple shares on March 24, and a $5,000 loss from the sale of Teck shares which he sold on August 1. He has incurred a total of $1,350 in commissions for the sale of Microsoft and Apple shares. He regretted the sale of Teck shares and purchased the same number of shares back on August 29 of the same year.

In 2017, Mr. Arnold acquired £12,500 at a rate of £1 = $1.80. The funds were immediately used to acquire 500 shares of a British company, Zone Ltd., at a price of £25 per share. In January 2020, he sold all of the shares for £32 per share, leaving all of the British pounds in his trading account. At this time, £1 = $1.60. In December 20XX, he converted the British pounds to Canadian dollars at a rate of £1 = $1.70.

Added by Susan E.

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