Jim Case Study - Certain Estate Transactions - Accounting and Finance Assignment Help

Assignment Task :

Question 1 

This problem should take you 20 minutes to complete. An additional 10 minutes of extra time has been provided to allow you to submit your paper to Turnitin by 6 pm. No exceptions. 

It is December 15, 2018. Jim Jones is your client and has sent you an email in respect of certain estate transactions he had during 2018. Jim lives in Barrie, Ontario. He wants to know what impact these transactions will have on his 2018 personal income tax return. The following is the information he provided in the email. 

1. As you know, I own a business of selling, repairing and storing boats and have for 25 years. Besides the land and buildings out which I operate, I also owned the vacant lot next door on which I sometimes stored boats. I purchased this land in 2012 for $20,000 because it was a great price and was sure it would go up in value. And, of course, I could use it to store and display some of the larger boats I have for sale. In July, I got an unsolicited offer for this land and sold it. I can’t believe I have a $1,000,000 profit on it! But I don’t know how it will be taxed. 

2. I sold 10,000 shares of Pubco, a Canadian public company at $15 per share in November 2018. I have bought and sold Pubco shares over the years and have also received stock dividends. At this point in time I really don’t have any idea what my gain on these 10,000 shares is! My trading history in Pubco is below. Could you let me know what my capital gain or loss is as soon as possible? Please show me how you got it so I don’t have to bother you in the future on this type of thing. If it is a big gain, I might sell some of my “loser” stocks before the end of the year to offset it. I certainly have lots of those in my portfolio! 

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