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Wolfe Ltd. has a December 31 year end. It purchased a Class 10.1 automobile

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June 7th, 2024

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?Question 9 options:1)No effect2)Capital loss of $2,900.3)CCA deduction of $1,935.4)Terminal loss of $2,900.

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