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A piece of asset was bought 3 years ago at $250,000. The asset had a CCA rate of 30%. Recently it was sold for $280,000.

A piece of asset was bought 3 years ago at $250,000. The asset had a CCA rate of 30%. Recently it was sold for $280,000. The company's regular tax rate is 40%. What was the total tax effect due to this disposal? a. -$58,350 cross out b. -$70,350 cross out c. -$64,350 cross out d. -$12,000

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