Assuming that an asset has been fully depreciated according to its straight line CCA class, which of the following statements is correct concerning the value of the asset:
A)Its market value is zero
B)Its UCC value is zero
C)Its book value is the current market value
D)It has neither book value nor market value

Question

Quizplus · Accepted Answer

When an asset has been fully depreciated according to its straight line CCA class, its UCC value (undepreciated capital cost) becomes zero. This means that the value of the asset for tax purposes is zero, but it may still have a book value and potentially a market value.

Assuming That an Asset Has Been Fully Depreciated According to Its