Question
James Co has the following related to Class 8 assets: Beginning UCC Balance: $38,497 James disposes of all assets within the class during the year,
James Co has the following related to Class 8 assets:
Beginning UCC Balance: $38,497
James disposes of all assets within the class during the year, for proceeds of disposition of $21,514. The total cost of these assets was $68,285
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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College Accounting A Practical Approach Chapters 1-25
Authors: Jeffrey Slater
12th Edition
013277206X, 978-0132772068
