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What is the increase to business income for tax purposes

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Reference no: EM132728248

Question - A business had the following undepreciated capital cost balances at December 31, 2018:

Class 1: $200,000

Class 12: $0

During 2019, the business had the following transactions:

The only asset in class 1 was sold for $199,500

Computer software was purchased for $300

Some tools in class 12 were sold for $1300. The original cost of these tools was $2000.

For the year ended December 31, 2019, what is the increase to business income for tax purposes resulting from the above information?

Reference no: EM132728248

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