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Taxation Question 1: ABC Enterprises began operations in 2021 and acquired (purchased) furniture (Class 8-20%) with a cost of $40,000. The maximum capital cost allowance
Taxation
Question 1: ABC Enterprises began operations in 2021 and acquired (purchased) furniture (Class 8-20%) with a cost of $40,000. The maximum capital cost allowance on the furniture for 2021 will be: A. $4,000 B. $6,000 C. $12,000 D. $8,000 E. Some other number Question 2: ABC Company purchased a new photocopy machine for a cost of $4,600 (Class 8-20%). The opening UCC balance in the class was zero. The maximum CCA deduction for 2021 is: A. Some other number B. $920 C. $1,380 D. $1,620 E. $460 Question 3: In 2021, East Coast Ts purchased a new tow truck (Class 10-30%) for 30,000. The UCC at the beginning of the year was $80,000. The maximum CCA deduction on class 10 for 2021 is: A. $37,500 B. $33,000 C. Some other number D. $28,500 E. 42,000Step by Step Solution
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