The Nelson Company has a taxation year end of December 31. On January 1 of the current year, the UCC of Class 8 was $80,000. The Nelson Company has a policy of always deducting maximum CCA. Each of the following questions deals with transactions during the current year which involved Class 8 assets.

Choose the best answer for each question. The last asset in the class, with a capital cost of $85,000, was sold on July 15 for $90,000. This would give rise to:

Select one:

A. $10,000 Allowable Capital Loss

B. $98,000

C. $60,800

D. $67,000

E. $5,000 Terminal Loss

F. $5,000 Taxable Capital Gain

G. $10,000 Recaptur

H. $20,000

I. $32,000

J. $25,000

K. $72,000

L. $22,000

M. $10,000 Taxable Capital Gain

N. $91,000

O. $13,000

P. $10,800

Q. $5,000 Allowable Capital Loss

R. $4,000

S. $76,000

T. $43,200

U. $10,000

V. $5,000 Recapture

W. $52,000

X. $10,000 Terminal Loss