Question
1-On September 1 of 2020, Chen Ltd. purchased a franchise for $53000. The franchise has a limited life of 6 years. What is the maximum
1-On September 1 of 2020, Chen Ltd. purchased a franchise for $53000. The franchise has a limited life of 6 years. What is the maximum amount of CCA Chen Ltd. can deduct for its 2020 year ended December 31?
Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.
2-A corporation with a September 30 year end begins its operations on January 1, 2020. It has acquired $19000 of class 8 assets on this date. What is the max CCA for its fiscal year ending September 30, 2020?
Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.
3- On January 1, 2020, Anderson Inc. has a balance in its Class 53 UCC of $490000. During 2020, assets with a capital cost of $110000 are added to the Class. There are no disposals during the year. Determine the maximum Class 53 CCA for 2020.
Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started