QUESTION 5 James Co has the following related to Class 8 assets: Beginning UCC Balance: $39,960...

 

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QUESTION 5 James Co has the following related to Class 8 assets: Beginning UCC Balance: $39,960 James disposes of all assets within the class during the year, for proceeds of disposition of $20,437. The total cost of these assets was $73,963 If James Co has no additions for the year, and there are no assets remaining in the class at the end of the year, what would be the amount of terminal loss James Co must add to business income for tax purposes? 2 points Save Answer QUESTION 5 James Co has the following related to Class 8 assets: Beginning UCC Balance: $39,960 James disposes of all assets within the class during the year, for proceeds of disposition of $20,437. The total cost of these assets was $73,963 If James Co has no additions for the year, and there are no assets remaining in the class at the end of the year, what would be the amount of terminal loss James Co must add to business income for tax purposes? 2 points Save Answer

Answer rating: 100% (QA)

Answer computation of terminal loss particulars a opening balance of class ... View the full answer