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Which of the following statements with respect to terminal losses is NOT correct? A terminal...

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Accounting

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Which of the following statements with respect to terminal losses is NOT correct? A terminal loss occurs when there are no assets left in the Class and there is a negative balance in the Class at the end of the year. Terminal losses are deducted in full in the determination of Net Business Income. Terminal losses are deducted from the ending UCC to leave a balance in the Class of nil. If assets remain in a CCA Class, there will not be a terminal loss in that Class

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