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1. 2. 3. Howns a residential rental property. In the current year he received rent of $50,000 and incurred the following expenses: mortgage interest $30,000,
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Howns a residential rental property. In the current year he received rent of $50,000 and incurred the following expenses: mortgage interest $30,000, property tax $6,000, insurance $2,000, and repairs $8,000. At the beginning of the year the undepreciated capital cost of the building was $330,000. What is the maximum capital cost allowance for the current year? $ G Inc. received $30,000 of eligible dividends from Canadian corporations in the current year. What amount is included in G's net income for tax purposes for the current year? $ C, an individual, purchased a $50,000 bond on its issue date, November 1, Year 1. The bond pays interest at maturity, October 31, Year 3, at a rate of 2% compounded annually. What amount of interest must be included in income for Year 2? $
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