Cindy Black gave her spouse 200 common shares of Fly-By-Night Airways Ltd. that had cost her $10 per share in 2013. The fair market value of the shares on the date of the gift was $50 per share. The shares have historically paid dividends of approximately $4 per share per year. Calculate the taxable capital gains, if any, to Cindy from this transaction (assume the default CRA rollover position applies). Enter your answer with 2 decimal places (do not include a comma or $ sign). Answer:

Cindy Black gave her spouse 200 common shares of Fly-By-Night Airways Ltd. that had cost her $10 per share in 2013. The fair market value of the shares on the date of the gift was $50 per share. The shares have historically paid dividends of approximately $4 per share per year. Calculate the taxable capital gains, if any, to Cindy from this transaction (assume the default CRA rollover position applies). Enter your answer with 2 decimal places (do not include a comma or $ sign). Answer:

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter4: Income Exclusions

Section: Chapter Questions

Problem 55P

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