Two assets in class o (20%) with a cost of 350,000 each. CCA for five years equals $63,136, leaving a UCC of $36,864:

(a) Sell One Asset For $40,000. What is the tax consequence of this sale? 

(b) Sell OneAsset For $60,000. What are the tax consequences of this sale?

Answer rating: 100% (QA)

To determine the tax consequences of selling one asset for different amounts we need to calculate th... View the full answer