A few years ago, Fast Ltd. purchased a new photocopier for $48,000 and elected to put the

Question:

A few years ago, Fast Ltd. purchased a new photocopier for $48,000 and elected to put the photocopier in a separate class 8. At the end of last year, the UCC balance for the separate class 8 was $33,000. During the current year, the photocopier was sold for $25,000.
Calculate the effect of the disposal on business income for the current year. Income tax reference: ITA 20(16).