Evergreen Trees Inc

question 4

Essay

Evergreen Trees Inc.is a CCPC operating in Nova Scotia.
Three asset sales occurred prior to the end of 20X1.The following information pertains to the net gain on the sale of the assets:
Building (One of several owned by the company)
The building was previously purchased for $80,000.At the time of the sale,the accumulated amortization on the building was $10,000.The UCC balance was $65,000.Proceeds on the sale were $110,000.
Land
The land was purchased for $200,000 and sold for $250,000.Proceeds of $60,000 will be received in the current year.The remainder of the payment will be received in equal installments over the next eight years.
Marketable Securities
The company sold its entire public portfolio in the current year.The adjusted cost base of the shares was $100,000.The market value of the shares at the time of sale was $135,000.Selling costs on the sale were $5,000.
Required:
A)Calculate the minimum taxable capital gain that Evergreen Trees Inc.will have to report in 20X1.
B)Calculate the minimum taxable capital gain that must be reported in 20X2.

Understand the concept and importance of self-disclosure in personal and professional relationships.

Recognize the difference between self-disclosure and self-description.

Comprehend the elements and benefits of trust in relationships.

Identify the components of the Johari Window and their importance in communication and self-awareness.

Definitions:

Thaddeus Stevens

A nineteenth-century U.S. politician and fierce advocate for the abolition of slavery and leader in the effort to implement Reconstruction policies aimed at securing rights for freed slaves.

Civil Rights Bill

The Civil Rights Bill usually refers to legislation aimed at enforcing or furthering civil rights, such as the U.S. Civil Rights Act of 1964 which outlawed discrimination based on race, color, religion, sex, or national origin.

1866

A year marked by significant events such as the passing of the Civil Rights Act in the United States, attempting to protect the rights of African Americans.

American Citizens

Individuals who hold citizenship in the United States, entitled to its rights and bound by its laws.