On November 1st of the current year, X Ltd. purchased 80% of the shares of Y Ltd.
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![On November 1st of the current year, X Ltd. purchased](https://dsd5zvtm8ll6.cloudfront.net/si.question.images/image/images9/691-L-B-L-I-T-E(880).png)
Determine the adjustments required to the tax values of the assets owned by Y Ltd. and the effect on Ys business income for its taxation year ended October 31. Income tax reference:
Transcribed Image Text:
Class 1 Class8 Class12 CEC Fair market value Cost UCC/CEC S400,000 S20,000 S 5,000 $4,000 25,000 10,000 3,500 300,000 30,000 275,000 27,000
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Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
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