H owns a residential rental property. In the current year he received rent of $40,000 and incurred the following expenses: mortgage interest $20,000, property tax
H owns a residential rental property. In the current year he received rent of $40,000 and incurred the following expenses: mortgage interest $20,000, property tax $5,000, insurance $3,000, and repairs $7,000. At the beginning of the year the undepreciated capital cost of the building was $320,000. What is the maximum capital cost allowance for the current year?
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Authors: Auditor Gift
1st Edition
1656655861, 978-1656655868
