In 2024, depreciable property with a capital cost of $100,00…

In 2024, depreciable property with a capital cost of $100,000 and a UCC balance of $79,400 at the end of the taxation year, is sold for $103,000. The carrying value for accounting purposes was $83,400. Discuss income tax consequences of the sale.  Show calculations to support your discussion.

John is 58 years old and has employment income of $87,600. H…

John is 58 years old and has employment income of $87,600. He is single and does not have any dependents. John’s net income and taxable income are the same. Assume that the employer withheld the maximum EI premium and CPP contribution. Also assume that the CPP deduction of $838 has been taken into consideration in the determination of both net income and taxable income. Required: Calculate the minimum federal income tax payable for 2024 for John Moss. Ignore any amounts John might have had withheld for federal income tax paid, any instalments that may have been paid. Round your final answer to the nearest whole dollar.  Show your work for full marks.