Takeover Corp. purchased another business in 2020. The purchase price included $100,000 for goodwill. In 2022, the

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Takeover Corp. purchased another business in 2020. The purchase price included $100,000 for goodwill. In 2022, the acquired business was sold. The sale price included $140,000 for the goodwill.

Calculate the amount to be included in Takeover Corp.’s business income in 2022. Assume the Class 14.1 balance at the beginning of 2020 is $0.

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Canadian Income Taxation 2022/2023

ISBN: 9781260881202

25th Edition

Authors: William Buckwold, Joan Kitunen, Matthew Roman

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Question Posted: Apr 06, 2023 04:26 AM

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Takeover Corp. purchased another business in 2020. The purchase price included $100,000 for goodwill. In 2022, the

Question:

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In Canada the tax treatment of goodwill depends on whether it is considered eligible or ineligible for the purposes of the capital cost allowance CCA ...View the full answer

Canadian Income Taxation 2022/2023

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