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The class is for Income tax 1 for 2018 for individual
1. Tara purchased a machine for $40,000 to be used in her business. The cost recovery allowed and allowable for the three years the machine was used are as follows:
Cost Recovery Allowed
Cost Recovery Allowable
Year 1
$16,000
$ 8,000
Year 2
9,600
12,800
Year 3
5,760
7,680
a) What is the basis of the machine after three years?
b) If Tara sells the machine at the end of three years for $15,000, how much gain should she recognize?
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