smile zone professional corporation operates a dental practice with a december 31 fiscal year end. during the current year, an asset with a capital cost of $25,000 is sold for $22,000. 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?
smile zone professional corporation operates a dental practice with a december 31 fiscal year end. during the current year, an asset with a capital cost of $25,000 is sold for $22,000. 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?
Chapter4: Additional Income And The Qualified Business Income Deduction
Section: Chapter Questions
Problem 15MCQ
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![smile zone professional corporation operates a dental practice with a december 31
fiscal year end. during the current year, an asset with a capital cost of $25,000 is sold
for $22,000. 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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F22085701-a157-44a1-8b83-5730fa8bbd29%2F7f21a2d6-04a1-4a44-a786-c6327ed4f667%2F4e9zv75_processed.png&w=3840&q=75)
Transcribed Image Text:smile zone professional corporation operates a dental practice with a december 31
fiscal year end. during the current year, an asset with a capital cost of $25,000 is sold
for $22,000. 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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