hi there,

Please help solve this questions:

• During the year, the company paid $11,000 as a lease payment for the automobile used by Zino. This vehicle was available to Zino throughout the fiscal year. The Opening UCC balance for class 10.1 was $25,500. No additions or dispositions in this class.

How do we deduct the lease payment to calculate Net income for tax purposes?

• If an individual gives a loan to a private company and it later becomes uncollectible, NONE of the assets are used in Active business, will the ABIL deduction apply?

Thank you.