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Capital Cost Allowance Question #5 Class 10.1- The January 1,2018 balance in this class was $27,850. The only asset in this class was the CEO's
Capital Cost Allowance Question #5 Class 10.1- The January 1,2018 balance in this class was $27,850. The only asset in this class was the CEO's $350,000 Bentley. At the instructions of the Company's directors,who felt this vehicle was excessively extravagant, the car was sold for $275,000 during 2018. Calculate the maximum CCA that can be taken by ABC Trading on each class of assets for the year ending December 31,2018 and calculate the UCC for each class of assets on January 1,2019. In addition,determine the amount of any capital gain,recapture or terminal loss that arises.
Question #5
Class 10.1- The January 1,2018 balance in this class was $27,850. The only asset in this class was the CEO's $350,000 Bentley. At the instructions of the Company's directors,who felt this vehicle was excessively extravagant, the car was sold for $275,000 during 2018.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
9781285586618
