Gain on sale of equipment

In class 8 there are many assets. A few sold - not all.

I entered proceeds of disposal in S8 (column 8)
Class 8 has a beginning UCC (column 2) of over $20k and proceeds of dispositions are $17k.
Therefore UCC (coloumn 9) is a positive number. Need a negative number for recapture.

I know there was a gain on sale on those particular assets when I look at their UCC and what they sold for.

What GIFI code does the gain go to?
I noticed if If I put it in GIFI 8210 Realized gain/losses on disposal of assets it gets deducted in schedule 1.

My JE for the sale of one piece of equipment:

DT Accumulated Amortization XXX
CT Gain on sale of asset XXX
CT HST payable XXX
CT Equipment XXX

I appears that TaxCycle is handling the recapture properly based on your brief points, tax recapture and accounting recapture are two different things. 8210 should work

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If Class 8 is not empty, there should be no recapture.

You also need to know the original cost of each asset sold. On the S8Asset page, where you enter each disposal, you need to enter the LESSER of cost or proceeds.

Then, if the proceeds for each individual asset was more than the original cost, you will also need to record the gains on S6.


Thank you both for your replies.