Steve purchased a computer for $2,000 last year for his personal use. In February of the current

Question:

Steve purchased a computer for $2,000 last year for his personal use. In February of the current year, Steve started a home-security business and began to use the computer exclusively for business purposes. He purchased an iPad for his personal use. Explain the tax implications for the current year. Income tax reference: ITA 13(7).

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