In August 2002, a firm purchased a bulldozer $40,000. It was subsequently sold in January...
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In August 2002, a firm purchased a bulldozer $40,000. It was subsequently sold in January 2005 for $28,000. Assume that the firm has a December 31 year end, the firm is in a 40% tax bracket, the CCA rate for the equipment is 30% and that there were no other assets in the class. CCA was claimed for 5 years.
One of two questions on this topic.
What was the tax basis book value (UCC) at the end of 2004?
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