Question
The company had the following tax balances on December 31, 2019 Class 1 $ 225,000 Class 8 55,000 Class 10 354,000 Class 10.1 20,000 Class
The company had the following tax balances on December 31, 2019 Class 1 $ 225,000 Class 8 55,000 Class 10 354,000 Class 10.1 20,000 Class 12 Nil Class 39 10,000 Class 43 50,000 The following assets were purchased during the year: Office furniture for $1,000 Computer hardware for $55,000 Computer applications software for $12,000 The following assets were disposed of during the year: Office furniture for $500 Truck (class 10); cost is $80,000 and proceeds are $35,000 Passenger vehicle (class 10.1) for $25,000 Building; cost is $50,000 and proceeds were $37,200 Equipment (class 43); cost is $300,000 and proceeds were 75,000 Equipment; cost is $55,000 and proceeds were $7,500. This is the last asset in class 39. Required: Calculate the maximum CCA deduction for the year
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