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What is the amount of the loss to be reported

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Problem - D sold a depreciable asset for $40,000. It was the only asset in the capital cost allowance class. The undepreciated capital cost was $55,000 at the time of the sale. The asset cost $60,000 when it was purchased. What is the amount of the loss to be reported in net income for tax purposes in the year of sale?

Reference no: EM132861896

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