Figure 7.18 shows a liquid-level system in which two tanks have cross-sectional areas A1 and A2, respectively. The volume flow rate into tank 1 is qi. A pump is connected to the bottom….
What are the tax consequences of his emigration from Canada?
During 2017, Charles Brookings moves to Canada from the U.K. He has not previously lived in Canada. At this time his capital assets consist of shares in a U.K. company and a tract of vacant land in Canada that he had inherited. The shares have a fair market value of $250,000 and an adjusted cost base of $175,000. The land had a fair market value of $95,000 when he inherited it and a fair market value of $120,000 when he moves to Canada in 2017. During 2018, he acquires shares of a Canadian public company for $75,000. During 2020, after finding Canada a tad uncivilized for his tastes, he moves back to the U.K. At this time, the shares in the U.K. company have a fair market value of $280,000, the shares of the Canadian company have a fair market value of $92,000 and the land has a fair market value of $130,000. What are the tax consequences of his emigration from Canada?