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Canadian tax laws apply. Can anybody help? Howns a residential rental property. In the current year he received rent of $60,000 and incurred the following
Canadian tax laws apply. Can anybody help?
Howns a residential rental property. In the current year he received rent of $60,000 and incurred the following expenses: mortgage interest $40,000, property tax $7,000, insurance $5,000, and repairs $2,000. At the beginning of the year the undepreciated capital cost of the building was $340,000. What is the maximum capital cost allowance for the current year? $Step by Step Solution
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