Question
On October 1, 2020, Neo Enterprises signed a lease for new office space. The contract gives Neo Enterprises the use of the space for three
On October 1, 2020, Neo Enterprises signed a lease for new office space. The contract gives Neo Enterprises the use of the space for three years with the option of renewing the lease for two additional two-year periods. In November 2020, Neo Enterprises spent $84,000 renovating the office space. In February 2021, they spent an additional $30,000 on leasehold improvements. Neo Enterprises has a December 31 year-end. REQUIRED:
Prepare a Class 13 UCC carry forward schedule starting on Dec 31, 2019 & ending on Dec 31, 2022. Calculate the maximum Class 13 CCA for years 2020, 2021, and 2022. Assume the Class 13 UCC balance on Dec 31, 2019, is $0.
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