Which of the following statements with respect to terminal losses is NOT correct?
A)If assets remain in a CCA Class, there will not be a terminal loss in that Class.
B)Terminal losses are deducted in full in the determination of Net Business Income.
C)Terminal losses are deducted from the ending UCC to leave a balance in the Class of nil.
D)A terminal loss occurs when there are no assets left in the Class and there is a negative balance in the Class at the end of the year.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements with respect to terminal losses is NOT correct?
A)If assets remain in a CCA Class, there will not be a terminal loss in that Class.
B)Terminal losses are deducted in full in the determination of Net Business Income.
C)Terminal losses are deducted from the ending UCC to leave a balance in the Class of nil.
D)A terminal loss occurs when there are no assets left in the Class and there is a negative balance in the Class at the end of the year.

Which of the Following Statements with Respect to Terminal Losses