On January 1, 2019, the beginning of its taxation year, Bob Inc. has the following information on depreciable assets in its records. It is a
On January 1, 2019, the beginning of its taxation year, Bob Inc. has the following information on depreciable assets in its records. It is a full year of operation in 2019 for Bob Inc.
Type of Asset | Undepreciated Capital Cost | Original Capital Cost |
Class 8 Furniture | $28,000 | $174,000 |
During the 2019 taxation year, furniture with an original cost of $52,111 was sold for $36,000. There are still assets in Class 8 at the end of the year.
For the taxation year ending December 31, 2019, please calculate the following items and fill the table below. Please put Nil if the balance is zero or does not apply in this case.
Opening UCC (Jan 1, 2019) | Ending UCC (Dec 31, 2019) | Taxable Capital Gain | Allowable Capital Loss | Maximum CCA | Terminal Loss | Recapture |
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