Congratulations on your appointment as a Tax Trainee at a recognized audit firm in Jamaica. On your first assignment your supervisor asked you to assist him with the income tax computation of a small business in The Congratulations on your appointment as a Tax Trainee at a recognized audit firm in Jamaica. On your first assignment your supervisor asked you to assist him with the income tax computation of a small business in the tourism sector. The company provided the following information: 

 

 Allen's Rest Well Resort is a resort cottage located incorporated in Jamaica. The company is a registered tourism operator under the Tourist Board Act.

The hotel commenced operations on the 1 January 2019:

 

 Fixed Assets 

                                                                            Cost (J$)                             TWDV (J$)

 Building (hotel)                                           100,000,000                            72,000,000 

Furnitures                                                        8,000,000                              6,000,000 

Computers (laptops and CPUs)                  1,000,000                                  500,000 

Computers (printers and monitors)               500,000                                 375,000 

Motor Cars # 1 purchased in July 2019        3,000,000                             2,437,500

 # 2 purchased January 2019                         2,500,000                            1,875,000 

Bus and Vans (purchased 1 January 2019)   8,00,0000                             480,000

 

 The following acquisitions and disposal occurred in 2021: 

1. A Corolla motor car purchased for $3,000,000. Acquired 1 April 2021. 

2. A BMW for $10,000,000. Acquired 1 November 2021. 

3. A new building constructed for $30,000,000 

4. Laptop for $100,000

 5. Purchase of a telephones for $950,000. 

6. The company Motor car #1 was sold for $2,700,000 

 

Assume the relevant exchange Rate is US$152: J$1

 

 Required:

 Calculate the capital allowance computation for Allen's Rest Well Resort for 2021.