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At the beginning 2022, marquee inc. has two properties in class 10, that are used in its business. The UCC balance in this class is
At the beginning 2022, marquee inc. has two properties in class 10, that are used in its business. The UCC balance in this class is $7423. The capital cost of each of the two properties is $7500. On june 30,2022, one of the properties is sold for $7950. There are no other additions or dispositions to class 10 for the taxation year ending December 31,2032. What are the income tax consequences of the class 10 property disposition for 2022? In addition, calculate the UCC balance as of January, 2023,
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
