Question
On january 1,2020 mr bratton owns the following two rental properties: property A(class3-5%) was acquired in 1987 at s cost of 120000$ of which 20,000
On january 1,2020 mr bratton owns the following two rental properties: property A(class3-5%) was acquired in 1987 at s cost of 120000$ of which 20,000 was allocated to land .it has ucc of 68000$. proerty b (class1) was acquired in 2012 at a cost of 120,000 of which 30,000 is allocated to land .it has ucc of 74200$ .on august 28,2020 ,property b is sold for 155,000 .at this time,the value of land is unchanged at 30,000$ on december 1,2020 ,mr brattob acquires property c (class1-4%) at a cost of 200,000$ of which 50,000$ is allocated to land .tge property is used exclusively for residential purposes.rents on all of properties totaled of $35000 during 2020 bd the cost of maintenance ,property taxes and mortgage interest totalled 45,400$
requirements
1) calculate net rental income
2) calculate the maximum cca (taking the ACC2 provisions into consideration) on their properties.
Step by Step Solution
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Step: 1
1 calculate net rental income ANS WER Net rental in...Get Instant Access to Expert-Tailored Solutions
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Step: 2
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