Lucy Nguyen's business has a Class 8 balance of $15,750. During the current year, an asset with a capital cost of $25,000 is sold for $20,000. There are no other dispositions during the year, and there are several assets remaining in Class 8. What are the tax consequences of this disposition?

Answer rating: 100% (QA)

Cost of capital asset 25000 Sales value ... View the full answer