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Numeric Respone, it has been 3 times I got the wrong answer please take time Catherine Steele owns two rental properties originally valued at $275,000.
Numeric Respone, it has been 3 times I got the wrong answer please take time
Catherine Steele owns two rental properties originally valued at $275,000. (Property 1: land $70,000, building $55,000) (Property 2: land $90,000, building $60,000) The buildings are Class 1 (4%) properties. Net rental income before CCA in 2020 was $11,000. The UCC on building 1 at the beginning of 2020 was $50,000. The UCC on building 2 at the beginning of 2020 was $40,000. Property 2 was sold in 2020 for $250,000 (and $200,000, building $50,000) Required: Calculate Catherine's net rental income for 2020 then subtract the allowable CCA to arrive at her Net Income from rental propertyStep by Step Solution
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