Question
Several years ago, Solea Company purchased a new Mercedes Benz that is used exclusively for business use. The car is in a separte class 10.1.
Several years ago, Solea Company purchased a new Mercedes Benz that is used exclusively for business use. The car is in a separte class 10.1. On January 1, 2015 the UCC balance is $17,850. On August, the car was sold for $17,000. For 2015 tax purposes, the company will report a?
a. Terminal loss of $850
b. Recapture of $850
c. CCA deduction of $2,678
d. CAA deduction of $2,245
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Financial Accounting A Business Process Approach
Authors: Jane L Reimers
2nd Edition
131473867, 978-0131473867
