Answer Happy

PTI Inc., located in a country that has a capital gains tax,
conducted the following
transactions:
a. Purchased a building in February 2018 for $26,000,000. In March
2019, the
company spent $2, 800,000 to install solar panels for electricity
in the building. The
building was sold for $40,000,000 in 2021. The annual maintenance
cost was
$500,000. The cost of advertising the sale of the building and the
legal fees
amounted to $1,200,000.
b. A motor vehicle was purchased for $5 million on January 1, 2018.
The vehicle was
sold in 2021 for $4.5 million.
c. Bought an antique painting for $3.5 million in 2019. The
painting was sold in 2021
for 1 million.
d. Purchased a Government bond for $5,000,000.
The company is entitled to an Annual Exemption of $500,000. Capital
losses as at 1 January
2021 was $7,500,000








Required:
Required










If PTI Inc. were resident in Jamaica, what would the
balancing adjustment be on the sale of the motor vehicle?