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Wolfe ltd has a december 31 year end it purchased a class

Question - Wolfe Ltd. has a December 31 year end. It purchased a Class 10.1 automobile four years ago for $38,000. On January 1, 2015, the undepreciated capital cost for this Class 10.1 was $12,900. During 2015, it was sold for $10,000. What is the effect on Net Income For Tax Purposes of this sale?

1) No effect

2) Capital loss of $2,900.

3) CCA deduction of $1,935.

4) Terminal loss of $2,900.

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Accounting Basics: Wolfe ltd has a december 31 year end it purchased a class

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Accounting Basics: Wolfe ltd has a december 31 year end it purchased a class

Reference No:- TGS02882539

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