Acme sells the computer on 1/1/2019 for $2,000. Calculate CRA (cost recovery allowance) for 2019 and the
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Question:
Acme sells the computer on 1/1/2019 for $2,000. Calculate CRA (cost recovery allowance) for 2019 and the gain/loss on sale.
Step 1: Computer is 5 year property
Step 2: Use half-year convention (acquired in January)
Step 3: Rate from Table = 19.20%
Step 4: Cost recovery allowance for 2019:
–Accumulated CRA:
–Basis:
-Gain:
Expert Answer:
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