During the current year, Robert Langois disposes of several…

During the current year, Robert Langois disposes of several properties. The POD and the ACB of these properties are as follows:   Adjusted Proceeds Of   Cost Base (ACB) Disposition (POD) Collector Car $45,000 $61,000 Marble Sculpture 800 13,000 Antique Furniture 21,000 12,000 Stamp Collection 50,500 26,000 What are the income tax consequences of the dispositions?

In its 2024 taxation year, a corporation sells Class 8 depre…

In its 2024 taxation year, a corporation sells Class 8 depreciable property with a capital cost of $130,000 for $140,000. The carrying value of the property for accounting purposes is $112,000. It was not the last property in Class 8 and, prior to the disposition, the UCC balance was $96,000. What are the reconciliation adjustments that will be required in the conversion of the corporation’s accounting income to net income for purposes of the ITA?