Required: 1. Complete the table below to show the tax consequences If the business sells...
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Required: 1. Complete the table below to show the tax consequences If the business sells the equipment in 2020 for (a) $16,000? (b) $24,000? (c) $47,000? (Use a minus sign (-) when entering numbers that reduce UCC.) 2018 purchase 2018 CCA 2018 UCC 2019 CCA 2019 UCC Situation A 2019 UCC Less disposal Proceeds Interim UCC Balance ID 11 MITI $ 0 Ending UCC $ 0 Situation B 2019 UCC Less disposal Proceeds Interim UCC Balance $ 0 Ending UCC $ 0 Situation C 2019 UCC Less disposal Proceeds Interim UCC Balance $ 0 $ 0 Ending UCC Capital Gain Taxable Capital gain Required: 1. Complete the table below to show the tax consequences If the business sells the equipment in 2020 for (a) $16,000? (b) $24,000? (c) $47,000? (Use a minus sign (-) when entering numbers that reduce UCC.) 2018 purchase 2018 CCA 2018 UCC 2019 CCA 2019 UCC Situation A 2019 UCC Less disposal Proceeds Interim UCC Balance ID 11 MITI $ 0 Ending UCC $ 0 Situation B 2019 UCC Less disposal Proceeds Interim UCC Balance $ 0 Ending UCC $ 0 Situation C 2019 UCC Less disposal Proceeds Interim UCC Balance $ 0 $ 0 Ending UCC Capital Gain Taxable Capital gain
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