PRACTICE PROBLEM 4.6: RECAPTURE Lucy Nguyen's business has a Class 8 balance of $15,750. During...
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PRACTICE PROBLEM 4.6: RECAPTURE
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?
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