In 2016, a severe weather storm destroyed your only asset you had in Class 8. In...
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In 2016, a severe weather storm destroyed your only asset you had in Class 8. In 2017, you replaced this asset by purchasing a new Class 8 asset. Compute the: i) Amended 2016 capital gain [ITA 44 election) and ACB of Replacement Property; and i) Amended 2016 recapture (ITA 13(4) election] and the January 1, 2018 UCC Balance (assume no other additions or dispositions made to class other than provided for in question]. $32,500 $30,000 $20,000 $31,000 Proceeds in 2016 from Insurance Company Destroyed Assets Original Cost UCC Balance- Jan 1, 2016 Replacement Cost of New Asset In 2016, a severe weather storm destroyed your only asset you had in Class 8. In 2017, you replaced this asset by purchasing a new Class 8 asset. Compute the: i) Amended 2016 capital gain [ITA 44 election) and ACB of Replacement Property; and i) Amended 2016 recapture (ITA 13(4) election] and the January 1, 2018 UCC Balance (assume no other additions or dispositions made to class other than provided for in question]. $32,500 $30,000 $20,000 $31,000 Proceeds in 2016 from Insurance Company Destroyed Assets Original Cost UCC Balance- Jan 1, 2016 Replacement Cost of New Asset
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Related Book For
Fundamentals of Financial Management
ISBN: 978-0324597707
12th edition
Authors: Eugene F. Brigham, Joel F. Houston
Posted Date:
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