IBM Ltd. undepreciated capital cost of a Class 1 Building was $180,484 at the year ended...
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IBM Ltd. undepreciated capital cost of a Class 1 Building was $180,484 at the year ended 2022. The original cost of the building was $600,000. The building was sold in 2023 for proceeds of cash which was $550,000. Which one of the following statements is false for 2023? O The company will have a recapture of $369,516 O Since the purchase was over $50,000 a separate class 1 was set up O Recapture occurs because the estimated decline in value was overstated (ie the asset was worth more in the end) O A capital loss will be incurred of $550,000 - $600,000 - $50,000 IBM Ltd. undepreciated capital cost of a Class 1 Building was $180,484 at the year ended 2022. The original cost of the building was $600,000. The building was sold in 2023 for proceeds of cash which was $550,000. Which one of the following statements is false for 2023? O The company will have a recapture of $369,516 O Since the purchase was over $50,000 a separate class 1 was set up O Recapture occurs because the estimated decline in value was overstated (ie the asset was worth more in the end) O A capital loss will be incurred of $550,000 - $600,000 - $50,000
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Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
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