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What is the effect on net income for tax purposes

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Reference no: EM132089082

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.

Reference no: EM132089082

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