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What is the increase or decrease to business income for tax

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Reference no: EM132726757

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 asset transactions

  1. the only asset sold for $199,500 (original cost $300,000
  2. computer software was purchased for $300
  3. some small tools in class 12 were sold for $1,300 (the original cost of these tools was $2,000)

Problem 1: For the year ended December 31, 2019, what is the increase or decrease to business income for tax purposes resulting from the above information?

Reference no: EM132726757

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