Question
Use the following information to answer the questions below. The Nelson Company has a taxation year end of December 31. On January 1 of the
Use the following information to answer the questions below.
The Nelson Company has a taxation year end of December 31. On January 1 of the current year, the UCC of Class 8 was $80,000. The Nelson Company has a policy of always deducting maximum CCA. Each of the following questions deals with transactions during the current year which involved Class 8 property. Choose the best answer for each question.
A class 8 property with a capital cost of $15,000 was sold for $26,000 on September 1, 2022. Maximum CCA for Class 8 is:
a. $52000
b. $13000
c. $72000
d. $4000
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International Financial Reporting Standards An Introduction
Authors: Belverd E. Needles, Marian Powers
3rd Edition
1133187943, 978-1133187943
