Question #1 AP 5-5 (CCA Calculations over Three Years) Barrys Books is a business carried on by Barry Levin as a sole proprietor. The business sells historically important books (e.g., first editions). All sales are in Ontario. The fiscal period of the business began July 1, 2020. Since individuals who carry on their own business must use a calendar-year fiscal period (ITA 249.1), the first year was a short fiscal period beginning July 1, 2020, and ending December 31, 2020. At the commencement of his business Barry purchased the following depreciable property: A building with a capital cost of $1,200,000, which represented $410,000 for the land and the remaining $790,000 for the building. All the floor space of the building is used for the business. Barrys accountant filed a timely election to include the building in a separate class 1. Furniture and fixtures with a capital cost of $170,000. A customized delivery truck at a capital cost of $43,000. Barrys business policy is to always claim maximum CCA. In 2021, the following transactions took place: As the business enjoyed early success, on April 1 Barry purchased a $135,000 BMW. He has large logos of the business painted on both sides of the vehicle. He drives the BMW 100% for business purposes. He replaces the delivery truck purchased in 2020 with a larger truck. The cost of the new truck is $51,000 and, against this price, he receives a trade-in allowance of $26,000. In mid-2022, Barry won $4 million in the lottery. Given this he decides to close down his business and spend his time travelling the globe. By December 31, 2022, all the depreciable property has been sold and the business is formally closed. The proceeds are as follows: Building - The building is sold for $1,350,000, which includes $940,000 for the building and $410,000 for the land. Furniture and Fixtures - The furniture is sold for $62,000. Delivery Vehicles - The delivery vehicle is sold for $39,000. Car - The BMW is sold for $52,000. Required: Determine the maximum CCA that can be claimed in each of the 2020 through 2022 taxation years. In your calculations, include and identify the UCC balances for January 1, 2021, January 1, 2022, and January 1, 2023. In addition, indicate any income tax effects resulting from the 2021 and 2022 dispositions. Ignore all GST/HST and PST considerations.