Ms. Chalupshka has operated an accounting practice with a December 31 year-end since 2012. She paid $16,000
Question:
Ms. Chalupshka has operated an accounting practice with a December 31 year-end since 2012. She paid $16,000 for a client list when she started the practice in 2012. On August 27, 2016, she sold the practice, including her client list which was allocated $28,000 of the proceeds. The balance in the CEC account on January 1, 2016 was $8,976.
REQUIRED
Compute Ms. Chalupshka’s business income from the sale of the client list in 2016.
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Related Book For
Introduction To Federal Income Taxation In Canada 2016-2017
ISBN: 9781554968725
37th Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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