” Many. taxpayers ‘filing a
- pergonals ‘income. tax - return °
‘are usually aware that capital:
- gens. are: taxable; however;
many. do’ not, consider, ‘the
~ effect: of all
* tions during that year nor.do~
they ensure : obtaining. tt ithe.

_ One re
“into” ‘acco

..tlons to give: rise to: capital

gal | or losses

’ Often ’ ‘igno re
items as.a sale of

> Gncludinga surnmer: cottage) *

capital: disposi-: :

“bOne. half. of | your. tpatan’

minus one half of ‘your losses °

is . included .

‘taxable ,
income. ’

oe if one. half of. the s toecen

exceeds one’ half of. your *:

gains then. the excess up to .

$1,000. may. - be’: claimed °
against -other sources. Of.
“income for that | year.”

As with all rules, there are,
* some exceptions: . ear

“Losses “from - ““tisted
personal property” : (such: as:
stamps and ‘coin ‘collections
‘and art) are: deductible only’.
from’: “gains from:
“property. | oa

e. “Losses ' from. personal

property. (such . ac automo.

ws:

¥ biles): are not deductible and -
“. gains. ti only, if they

me exceed $

“and. dispositions of stamp: jn

“and coiri collections, works %-
- art ‘and: even ‘personal auto-
an. a

_ however, that. to -have an

‘ ‘effect ‘on taxable income ‘the: .

“disposition must be an actual

-rsale or a deemed dis: sition,
Thus, the'$1,000 book ‘loss on’
“the, 2000,. penny | mining |
~ shares: does: not: count for:tax:.
_ /purposes: until the shares, are .
mati disposed, of.

loris,
Sing

i

“epositions prior; to

‘up..to an’ additional

‘ may. be carried” ack’ t

~ previous ,. year’s | incom

claim a refund: of taxes mit

n that: “yi

oe eared Torward I indefine i
itely and used in full against.

future: gains: or upto $1,000 ,
per. year”: ‘against: ol
“sources: of {income.: oe

thatdate. were free of text eo. F

The preceding’ s only ‘an. -
overview of. an. area which -

© such

+ April 4, 1976
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