On October 1, you purchased a residential home in which to locate your professional office for $150,000.
Question:
On October 1, you purchased a residential home in which to locate your professional office for $150,000. The appraisal is divided into $30,000 for the land and $120,000 for the building.
(a) In your first year of ownership, how much CCA can you deduct? (Assume that the entire house is used for business.).
(b) What is the undepreciated capital cost (UCC) of the building after 4 years?
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