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Bifor Ltd., with a taxation year that ends on December 31, has a Class 8 (20 percent) UCC balance on January 1, 2020 of $475,000.
Bifor Ltd., with a taxation year that ends on December 31, has a Class 8 (20 percent) UCC balance on January 1, 2020 of $475,000. During 2020, it acquires eligible AccII Class 8 assets at a total cost of $150,000. The Company also disposes of Class 8 assets for total proceeds of $72,000. In no case did the proceeds of disposition exceed the capital cost of the assets being disposed of. Determine the maximum Class 8 CCA that Bifor can deduct for 2020.
Bifor Ltd., with a taxation year that ends on December 31, has a Class 8 (20 percent) UCC balance on January 1, 2020 of $475,000. During 2020, it acquires eligible AccII Class 8 assets at a total cost of $150,000. The Company also disposes of Class 8 assets for total proceeds of $72,000. In no case did the proceeds of disposition exceed the capital cost of the assets being disposed of. Determine the maximum Class 8 CCA that Bifor can deduct for 2020.
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Auditing And Assurance Services A Systematic Approach
Authors: William Messier, Steven Glover, Douglas Prawitt
12th Edition
1264100671, 978-1264100675
