FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

9

An industrial corporation bought a manufacturing facility 3 years ago for $9,000,000 in due to economic downturn the company decided to sell the facility now to payback some of its liabilities for $12,500,000. Assume CCA rate is 15% (Declining Balance) and an effective tax rate of 35%. Find the capital loss or gain and disposal tax effect (tax credit or liability).
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Transcribed Image Text:An industrial corporation bought a manufacturing facility 3 years ago for $9,000,000 in due to economic downturn the company decided to sell the facility now to payback some of its liabilities for $12,500,000. Assume CCA rate is 15% (Declining Balance) and an effective tax rate of 35%. Find the capital loss or gain and disposal tax effect (tax credit or liability).
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