Dr. Lehram Professional Corporation (DLPC) operates a medical practice with a December 31 fiscal year end. At
Fantastic news! We've Found the answer you've been seeking!
Question:
Dr. Lehram Professional Corporation ("DLPC") operates a medical practice with a December 31 fiscal year end. At the beginning of the current year, DLPC has a Class 8 UCC balance of $32,780. During the current year, the last asset in the class with a capital cost of $35,000 is sold for $25,000. There are no other dispositions during the year and there are no assets remaining in Class 8. What are the tax consequences of this disposition?
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date: