Question
15
1/
1
point
On
June
1,
two
years
ago,
Alex
bought
500
shares
of
Telus
for
$50
per
share.
On
December
15,
last
year,
he
sold
400
of
these
shares
for
$42
per
share
and
acquired
all
400
of
the
shares
back
again
on
January
7
of
the
current
year,
for
$40
per
share.
On
October
5,
of
the
current
year,
Alex
sold
all
the
Telus
shares
for
$45
per
share.
Calculate
Alex's
capital
gain
or
loss
for
the
current
year.
Capital
gain
of
$1,500
Capital
gain
of
$4,700
v
Capital
loss
of
$1,700
Capital
loss
of
$2,500
w
Hide
question
15
feedback
Answer
c)
is
correct.
(500
x
$45)
-
{(100
x
$50)
+
(400
x
$40)
+
[400
x
($50
-
$42)]}
=
($1,700).
The
loss
on the
December
15
previous
year,
disposition
is
considered
a
superficial
loss
because
the
shares
were
reacquired
within
30
days
of
being
sold
(January
7,
of
the
current
year,
is
less
than
30
days
after
December
15,
of
the
previous
year).
Superficial
losses
are
denied
and
are
added
to
the
adjusted
cost
base
(ACB)
of
shares.
