Question
James Co has the following related to Class 8 assets: Beginning UCC Balance: $31,530 James disposes of all assets within the class during the year,
James Co has the following related to Class 8 assets:
Beginning UCC Balance: $31,530
James disposes of all assets within the class during the year, for proceeds of disposition of $16,731. The total cost of these assets was $73,641
If James Co has no additions for the year, and there are no assets remaining in the class at the end of the year, what would be the amount of terminal loss James Co must add to business income for tax purposes?
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Survey of Accounting
Authors: Carl S. Warren
7th edition
1285974360, 1285183487, 9781285974361, 978-1285183480
