BU357 Chapter 7: Chapter 7
Document Summary
If this is normal business you do on a regular basis then this will be business income. If it is something that it isn"t done often then its capital gain. Courts also checks how long you hold the property the longer you hold it is a capital gain. If you hold land for 20 years and then sell it then you will consider it a capital gain. Court checks how frequent the transaction is, if it is frequent then it is business income. Proceeds of disposition (pod) less: adjusted cost base (acb) less: disposition expenses. Acl is deductible only from tcg xxx (xxx) (xxx) xxx (xxx) xxx. Reserve is optional and deduction and has to be reasonable amount this is determined by section 40. For capital gains and losses always multiple by . Capital gain (have to multiple by )
