3 1 Question 5 2 The following information relates to Alfie Co for its taxation year that ends on December 31, 2021 4 5 Note 1 The Company has UCC balances on January 1, 2021 for its tangible assets as follows 6 7 Class 1 (4 ) Note 2 $ 461,790 8 Class 8 (20 ) Note 3 $ 203,378 9 Class 10 (30 ) Note 4 91,520 10 Class 12 (100 ) Note 5 $ 19,890 11 Class 50 (55 ) Note 6 $ 23,830 12 Note 2 During 2021, the building that was acquired in 2006 was sold for cash of $635,000 Of this total, $130,000 represented the value of the land on which the building was situated The building had a capital cost of $620,000, of which $100,000 represented the value of the land at time the building was acquired 13 14 The building was replaced during 2021 with a new building at a cost of $805,000, of which $125,000 represented the value of the land The old building was used 100 percent for office space and was allocated to a separate Class 1 The new replacement building is also used 100 percent for office space and is allocated to a separate Class 1 15 16 Note 3 During 2021, the Company purchased office furnishings for $74,000 They traded in older furnishings and received an allowance of $26,000 The capital cost of the furnishings that were traded in was $56,000 17 18 Note 4 The only vehicle purchased during 2021 was a Lexus to be used by the president of the Company The cost of this car was $93,000 The president drives it 23,000 kilometers during the year, of which 5,750 kilometers are for employment related purposes 19 20 Note 5 Computer software that is not systems software is purchased during the year $ 2,430 21 22 Note 6 The company sold all of their computer hardware for $1,000 The original cost of the hardware was $22,000 The company decided to lease their computer hardware instead 23 24 25 Note 7 Alfie Co has always deducted the maximum CCA a in each year of operation 26 Required Calculate the maximum 2021 CCA that can be taken on each class of assets, the January 1, 2022 UCC balance for each class, and any other 2021 income inclusions or deductions resulting from the information provided in the problem 27 26 Required Calculate the maximum 2021 CCA that can be taken on each class of assets, the January 1, 2022 UCC balance for each class, and any other 2021 income inclusions or deductions resulting from the information provided in the problem 27 Any amounts deducted below MUST BE shown as a negative number Enter zero's only Do not enter NIL, 28 or a dash 29 Class Class 1 Class 1 new Class 8 30 UCC at the beginning of the period 31 Add Additions 32 Deduct Disposals 33 Add Accll Adj (deduct 1 2 year rule, Class Subtotal CCA base 34 35 Rate ( ) 36 Deduct Capital cost allowance Deduct Accll Adj or Add 1 2 year rule (class 37 38 UCC at the end of the period 39 40 41 Class 42 UCC at the beginning of the period 43 Add Additions 44 Deduct Disposals 45 Add Accll Adj (deduct 1 2 year rule, Class 46 Subtotal CCA base 47 Rate ( ) 48 Deduct Capital cost allowance Deduct Accll Adj or Add 1 2 year rule (class 49 12) 50 UCC at the end of the period 51 2 marks 3 marks 3 marks 2 marks 52 53 Use the space below to note recapture, terminal loss, taxable capital gains, or allowable capital losses resulting from the above dispositions (4 marks Enter all amounts as positive values below 54 55 Recaptured CCA 1 mark 56 Terminal Loss 1 mark 1 mark 57 Taxable capital gain 58 Allowable capital loss 1 mark 59 2 marks Class 10 3 marks Class 10 1 4 marks Class 12 Class 50 3 1 Question 5 2 The following information relates to Alfie Co for its taxation year that ends on December 31, 2021 4 5 Note 1 The Company has UCC balances on January 1, 2021 for its tangible assets as follows 6 7 Class 1 (4 ) Note 2 $ 461,790 8 Class 8 (20 ) Note 3 $ 203,378 9 Class 10 (30 ) Note 4 91,520 10 Class 12 (100 ) Note 5 $ 19,890 11 Class 50 (55 ) Note 6 $ 23,830 12 Note 2 During 2021, the building that was acquired in 2006 was sold for cash of $635,000 Of this total, $130,000 represented the value of the land on which the building was situated The building had a capital cost of $620,000, of which $100,000 represented the value of the land at time the building was acquired 13 14 The building was replaced during 2021 with a new building at a cost of $805,000, of which $125,000 represented the value of the land The old building was used 100 percent for office space and was allocated to a separate Class 1 The new replacement building is also used 100 percent for office space and is allocated to a separate Class 1 15 16 Note 3 During 2021, the Company purchased office furnishings for $74,000 They traded in older furnishings and received an allowance of $26,000 The capital cost of the furnishings that were traded in was $56,000 17 18 Note 4 The only vehicle purchased during 2021 was a Lexus to be used by the president of the Company The cost of this car was $93,000 The president drives it 23,000 kilometers during the year, of which 5,750 kilometers are for employment related purposes 19 20 Note 5 Computer software that is not systems software is purchased during the year $ 2,430 21 22 Note 6 The company sold all of their computer hardware for $1,000 The original cost of the hardware was $22,000 The company decided to lease their computer hardware instead 23 24 25 Note 7 Alfie Co has always deducted the maximum CCA a in each year of operation 26 Required Calculate the maximum 2021 CCA that can be taken on each class of assets, the January 1, 2022 UCC balance for each class, and any other 2021 income inclusions or deductions resulting from the information provided in the problem 27 26 Required Calculate the maximum 2021 CCA that can be taken on each class of assets, the January 1, 2022 UCC balance for each class, and any other 2021 income inclusions or deductions resulting from the information provided in the problem 27 Any amounts deducted below MUST BE shown as a negative number Enter zero's only Do not enter NIL, 28 or a dash 29 Class Class 1 Class 1 new Class 8 30 UCC at the beginning of the period 31 Add Additions 32 Deduct Disposals 33 Add Accll Adj (deduct 1 2 year rule, Class Subtotal CCA base 34 35 Rate ( ) 36 Deduct Capital cost allowance Deduct Accll Adj or Add 1 2 year rule (class 37 38 UCC at the end of the period 39 40 41 Class 42 UCC at the beginning of the period 43 Add Additions 44 Deduct Disposals 45 Add Accll Adj (deduct 1 2 year rule, Class 46 Subtotal CCA base 47 Rate ( ) 48 Deduct Capital cost allowance Deduct Accll Adj or Add 1 2 year rule (class 49 12) 50 UCC at the end of the period 51 2 marks 3 marks 3 marks 2 marks 52 53 Use the space below to note recapture, terminal loss, taxable capital gains, or allowable capital losses resulting from the above dispositions (4 marks Enter all amounts as positive values below 54 55 Recaptured CCA 1 mark 56 Terminal Loss 1 mark 1 mark 57 Taxable capital gain 58 Allowable capital loss 1 mark 59 2 marks Class 10 3 marks Class 10 1 4 marks Class 12 Class 50

Question

3 1 Question 5 2 The following information relates to Alfie Co  for its taxation year that ends on December 31, 2021  4 5 Note 1  The Company has UCC balances on January 1, 2021 for its tangible assets as follows  6 7 Class 1 (4 )   Note 2 $ 461,790 8 Class 8 (20 )   Note 3 $ 203,378 9 Class 10 (30 )   Note 4 91,520 10 Class 12 (100 )   Note 5 $ 19,890 11 Class 50 (55 )   Note 6 $ 23,830 12 Note 2  During 2021, the building that was acquired in 2006 was sold for cash of $635,000  Of this total, $130,000 represented the value of the land on which the building was situated  The building had a capital cost of $620,000, of which $100,000 represented the value of the land at time the building was acquired  13 14 The building was replaced during 2021 with a new building at a cost of $805,000, of which $125,000 represented the value of the land  The old building was used 100 percent for office space and was allocated to a separate Class 1  The new replacement building is also used 100 percent for office space and is allocated to a separate Class 1  15 16 Note 3  During 2021, the Company purchased office furnishings for $74,000  They traded in older furnishings and received an allowance of $26,000  The capital cost of the furnishings that were traded in was $56,000  17 18 Note 4  The only vehicle purchased during 2021 was a Lexus to be used by the president of the Company  The cost of this car was $93,000  The president drives it 23,000 kilometers during the year, of which 5,750 kilometers are for employment related purposes  19 20 Note 5  Computer software that is not systems software is purchased during the year  $ 2,430 21 22 Note 6  The company sold all of their computer hardware for $1,000  The original cost of the hardware was $22,000  The company decided to lease their computer hardware instead  23 24 25 Note 7  Alfie Co  has always deducted the maximum CCA a in each year of operation  26 Required  Calculate the maximum 2021 CCA that can be taken on each class of assets, the January 1, 2022 UCC balance for each class, and any other 2021 income inclusions or deductions resulting from the information provided in the problem  27 26 Required  Calculate the maximum 2021 CCA that can be taken on each class of assets, the January 1, 2022 UCC balance for each class, and any other 2021 income inclusions or deductions resulting from the information provided in the problem  27 Any amounts deducted below MUST BE shown as a negative number  Enter zero's only  Do not enter NIL, 28 or a  dash   29 Class Class 1 Class 1  new  Class 8 30 UCC at the beginning of the period 31 Add  Additions 32 Deduct  Disposals 33 Add  Accll Adj  (deduct 1 2 year rule, Class Subtotal   CCA base 34 35 Rate ( ) 36 Deduct  Capital cost allowance Deduct  Accll Adj  or Add  1 2 year rule (class 37 38   UCC at the end of the period 39 40 41 Class 42 UCC at the beginning of the period 43 Add  Additions 44 Deduct  Disposals 45 Add  Accll Adj  (deduct 1 2 year rule, Class 46 Subtotal   CCA base 47 Rate ( ) 48 Deduct  Capital cost allowance Deduct  Accll Adj  or Add  1 2 year rule (class 49 12) 50   UCC at the end of the period 51  2 marks  3 marks  3 marks  2 marks 52 53 Use the space below to note recapture, terminal loss, taxable capital gains, or allowable capital losses resulting from the above dispositions  (4 marks Enter all amounts as positive values below  54 55 Recaptured CCA  1 mark 56 Terminal Loss  1 mark  1 mark 57 Taxable capital gain 58 Allowable capital loss  1 mark 59  2 marks Class 10  3 marks Class 10 1  4 marks Class 12 Class 50   3 1 Question 5 2 The following information relates to Alfie Co  for its taxation year that ends on December 31, 2021  4 5 Note 1  The Company has UCC balances on January 1, 2021 for its tangible assets as follows  6 7 Class 1 (4 )   Note 2 $ 461,790 8 Class 8 (20 )   Note 3 $ 203,378 9 Class 10 (30 )   Note 4 91,520 10 Class 12 (100 )   Note 5 $ 19,890 11 Class 50 (55 )   Note 6 $ 23,830 12 Note 2  During 2021, the building that was acquired in 2006 was sold for cash of $635,000  Of this total, $130,000 represented the value of the land on which the building was situated  The building had a capital cost of $620,000, of which $100,000 represented the value of the land at time the building was acquired  13 14 The building was replaced during 2021 with a new building at a cost of $805,000, of which $125,000 represented the value of the land  The old building was used 100 percent for office space and was allocated to a separate Class 1  The new replacement building is also used 100 percent for office space and is allocated to a separate Class 1  15 16 Note 3  During 2021, the Company purchased office furnishings for $74,000  They traded in older furnishings and received an allowance of $26,000  The capital cost of the furnishings that were traded in was $56,000  17 18 Note 4  The only vehicle purchased during 2021 was a Lexus to be used by the president of the Company  The cost of this car was $93,000  The president drives it 23,000 kilometers during the year, of which 5,750 kilometers are for employment related purposes  19 20 Note 5  Computer software that is not systems software is purchased during the year  $ 2,430 21 22 Note 6  The company sold all of their computer hardware for $1,000  The original cost of the hardware was $22,000  The company decided to lease their computer hardware instead  23 24 25 Note 7  Alfie Co  has always deducted the maximum CCA a in each year of operation  26 Required  Calculate the maximum 2021 CCA that can be taken on each class of assets, the January 1, 2022 UCC balance for each class, and any other 2021 income inclusions or deductions resulting from the information provided in the problem  27 26 Required  Calculate the maximum 2021 CCA that can be taken on each class of assets, the January 1, 2022 UCC balance for each class, and any other 2021 income inclusions or deductions resulting from the information provided in the problem  27 Any amounts deducted below MUST BE shown as a negative number  Enter zero's only  Do not enter NIL, 28 or a  dash   29 Class Class 1 Class 1  new  Class 8 30 UCC at the beginning of the period 31 Add  Additions 32 Deduct  Disposals 33 Add  Accll Adj  (deduct 1 2 year rule, Class Subtotal   CCA base 34 35 Rate ( ) 36 Deduct  Capital cost allowance Deduct  Accll Adj  or Add  1 2 year rule (class 37 38   UCC at the end of the period 39 40 41 Class 42 UCC at the beginning of the period 43 Add  Additions 44 Deduct  Disposals 45 Add  Accll Adj  (deduct 1 2 year rule, Class 46 Subtotal   CCA base 47 Rate ( ) 48 Deduct  Capital cost allowance Deduct  Accll Adj  or Add  1 2 year rule (class 49 12) 50   UCC at the end of the period 51  2 marks  3 marks  3 marks  2 marks 52 53 Use the space below to note recapture, terminal loss, taxable capital gains, or allowable capital losses resulting from the above dispositions  (4 marks Enter all amounts as positive values below  54 55 Recaptured CCA  1 mark 56 Terminal Loss  1 mark  1 mark 57 Taxable capital gain 58 Allowable capital loss  1 mark 59  2 marks Class 10  3 marks Class 10 1  4 marks Class 12 Class 50

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-~3 1 Question 5 2 The following information relates to Alfie Co. for its taxation year that ends on December 31, 2021: 4 5 Note

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