Each of the following independent cases describes a situation with a proposed taxtreatment. For each case indicate whether the treatment is correct, justify your conclusion.
Case A: Mary Fender has owned a triplex rental property for several years. She hasclaimed CCA in all years, in calculating her net rental income. In 2014, Mary Fendermoved into one of the three units, thus, she will be reporting less rental revenue onher individual income tax return. Since she didn't sell any property, she will notreport any capital gains or losses on her 2014 individual income tax return.
Case B: Harry Hone sold a property with an adjusted cost base of $ 80,000 for $120,000 proceeds of disposition. He provided a warranty on the property that heestimates will cost him about $ 10,000 to service. Consequently, he recognized acapital gain of $ 30,000.
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