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no info missing. just have to know if you have to deduct add orit has jo effect in the income tax the company 2021 year
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the company 2021 year ended taxation year ending december 31,2021. using ASPE the accountant has determined that the company has experienced a loss of $120,00 before income taxes. for each question provide the effect on the reconciliation of Net Loss for accounting purposes to minimum net business income/loss for tax purposes. QUESTION 3 As the Company changed property and casualty insurers during the year, all of its assets had to be appraised. The cost of this appraisal was $2,520, with the entire amount being expensed in the year. QUESTION 4 The Company has a Class 8 balance of $10,300 at the beginning of 2021 relating to their office furniture. The Company disposed of all remaining assets in Class 8 during the renovation of the office building. The capital cost of these assets was $19,500 and the proceeds of disposition amounted to $3,700. The company has chosen to lease office furniture going forward so no additional Class 8 assets were purchased in the year. Ignore any accounting loss that would have resulted from this transaction just have to know if you have to deduct add orit has jo effect in the income tax
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