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A wholesale business with a December 31 year-end purchased new equipment on November 25, 2019, for $42,100. Before 2019, the business owned no other equipment.
A wholesale business with a December 31 year-end purchased new equipment on November 25, 2019, for $42,100. Before 2019, the business owned no other equipment. Required: 1. Complete the table below to show the tax consequences if the business sells the equipment in 2021 for (a) $17,000? (b) $25,000? (c) $48,000? (Use a minus sign (-) when entering numbers that reduce UCC.) $ 42,100 2019 purchase 2019 CCA $ 4,210 2019 UCC 2020 CCA 2020 UCC Situation A 2020 UCC Less disposal Proceeds Interim UCC Balance Terminal Loss Ending UCC Situation B 2020 UCC Less disposal Proceeds Interim UCC Balance Terminal Loss Ending UCC 111111 2020 UCC Situation C Less disposal Proceeds Interim UCC Balance Recapture Ending UCC Capital Gain Taxable Capital gain
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