J Ltd.’s office building was destroyed by fire in the current year. Building’s original cost was...
J Ltd.’s office building was destroyed by fire in the current
year. Building’s original cost was $200,000 and the class 1 UCC
balance at the beginning of the year was $170,000. The building was
insured for its market value of $250,000. A new building costing
$290,000 was constructed 18 months after the fire. What is the
minimum recapture of CCA for tax purposes in the current
year?
Homework Answers
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J Ltd.’s office building was destroyed by fire in the current
year. Building’s original cost was...
In the current year purchased new office equipment costing $25.000. Later in the same year he...
In the current year purchased new office equipment costing $25.000. Later in the same year he sold some office equipment for $35.000 that originally cost $100,000. At the beginning of the current year the UCC of the office equipment class was $70,000. What is the maximum CCA deduction for the office equipment class that can claim in the current year? Note: Do not place a minus sign in front of the amount.
In the current year C purchased new office equipment costing $25,000. Later in the same year...
In the current year C purchased new office equipment costing $25,000. Later in the same year he sold some office equipment for $35,000 that originally cost $100,000. At the beginning of the current year the UCC of the office equipment class was $70,000. What is the maximum CCA deduction for the office equipment class that C can claim in the current year? Note: Do not place a minus sign in front of the amount.
CANADIAN TAXATION 2019 In the current year C purchased new office equipment costing $25,000. Later in...
CANADIAN TAXATION 2019 In the current year C purchased new office equipment costing $25,000. Later in the same year he sold some office equipment for $35,000 that originally cost $100,000. At the beginning of the current year the UCC of the office equipment class was $70,000. What is the maximum CCA deduction for the office equipment class that C can claim in the current year? Note: Do not place a minus sign in front of the amount. In the current...
In the current year B purchased new office equipment costing $40,000 and received a trade allowance...
In the current year B purchased new office equipment costing $40,000 and received a trade allowance of $3,000 for her old equipment. The old equipment was acquired 6 years ago for $19,000. B’s class 8 UCC balance the beginning of the current year was $12,000. What is the maximum CCA deduction for class 8 that B can claim in the current year? Note: Do not place a minus sign in front of the amount.
In the current year B purchased new office equipment costing $30.000 and received a trade allowance...
In the current year B purchased new office equipment costing $30.000 and received a trade allowance of $2,000 for her old equipment. The old equipment was acquired 6 years ago for $18,000. B's Class 8 UCC balance the beginning of the current year was $10,000. What is the maximum CCA deduction for Class 8 that B can claim in the current year? Note: Do not place a minus sign in front of the amount.
P's building, which is used in his business, is destroyed in a fire in the current...
P's building, which is used in his business, is destroyed in a fire in the current year. P's adjusted basis in the building is $50,000 and its FMV is $103,000. P files an insurance claim and is reimbursed $100,000. In the same year, P invests $78,000 of the insurance proceeds in another business building. If Pelects to defer the gain, there will still be a recognized gain of $50,000 $0 $28,000 $22,000 David has a qualifying home office. The office...
Central Purchasing Ltd. (CPL) owns the building it uses; it had an original cost of $815,000...
Central Purchasing Ltd. (CPL) owns the building it uses; it had
an original cost of $815,000 and a net book value of $250,000 as of
1 January 20X2. On this date, the building was sold to a real
estate investment trust (REIT) for $537,500, which also was the
building’s fair value, and simultaneously leased back to CPL.
The lease has a guaranteed, 12-year term and required payments on
31 December of each year. The payments are $74,500, and the lease...
Adhesion Inc. is currently evaluating an expansion plan for its operations using an eight-year planning horizon. If the...
Adhesion Inc. is currently evaluating an expansion plan for its operations using an eight-year planning horizon. If the plan is accepted, then a new plant will be built at a cost of $2,500,000 on a vacant lot owned by Adhesion. The land originally cost Adhesion $400,000, although its current market value is $750,000. The expansion plan also requires the purchase of a new machine at a cost of $800,000. This new machine has an annual production capacity of 160,000 units....
SECTION A (40 marks): Answer ALL Questions in this section. QUESTION ONE a) Aseda Ltd incurred...
SECTION A (40 marks): Answer ALL Questions in this section. QUESTION ONE a) Aseda Ltd incurred the following cost in its manufacturing operations GH¢ Cost of material purchase 20,000 Import duties 400 Trade discount @10% of purchase cost Cash discount 500 Irrecoverable taxes 1,000 Salary of factory plant operator 2,500 Direct labour 5,000 Salary of factory supervisor 4,000 Cost of expected production losses 800 Administrative overhead (Note) 16,000 Cost of storage of raw material for further processing 2,000 Marketing cost...
income tax
Angie's Amazing Getups Incorporated is a Canadian controlled private corporation with a head office in London, Ontario. The company is a manufacturer of high end custom costumes and makeup used in movie and theatre productions with sales in Canada and the U.S.The company started in business in 2015 when the sole shareholder, Angela Q. Snodgrass, was photographed by the paparazzi after a particularly enthusiastic night of partying. When Angela saw herself on the front page of every tabloid newspaper the...
In the current year purchased new office equipment costing $25.000. Later in the same year he sold some office equipment for $35.000 that originally cost $100,000. At the beginning of the current year the UCC of the office equipment class was $70,000. What is the maximum CCA deduction for the office equipment class that can claim in the current year? Note: Do not place a minus sign in front of the amount.
CANADIAN TAXATION 2019 In the current year C purchased new office equipment costing $25,000. Later in the same year he sold some office equipment for $35,000 that originally cost $100,000. At the beginning of the current year the UCC of the office equipment class was $70,000. What is the maximum CCA deduction for the office equipment class that C can claim in the current year? Note: Do not place a minus sign in front of the amount. In the current...
In the current year B purchased new office equipment costing $30.000 and received a trade allowance of $2,000 for her old equipment. The old equipment was acquired 6 years ago for $18,000. B's Class 8 UCC balance the beginning of the current year was $10,000. What is the maximum CCA deduction for Class 8 that B can claim in the current year? Note: Do not place a minus sign in front of the amount.
P's building, which is used in his business, is destroyed in a fire in the current year. P's adjusted basis in the building is $50,000 and its FMV is $103,000. P files an insurance claim and is reimbursed $100,000. In the same year, P invests $78,000 of the insurance proceeds in another business building. If Pelects to defer the gain, there will still be a recognized gain of $50,000 $0 $28,000 $22,000 David has a qualifying home office. The office...
Central Purchasing Ltd. (CPL) owns the building it uses; it had
an original cost of $815,000 and a net book value of $250,000 as of
1 January 20X2. On this date, the building was sold to a real
estate investment trust (REIT) for $537,500, which also was the
building’s fair value, and simultaneously leased back to CPL.
The lease has a guaranteed, 12-year term and required payments on
31 December of each year. The payments are $74,500, and the lease...
SECTION A (40 marks): Answer ALL Questions in this section. QUESTION ONE a) Aseda Ltd incurred the following cost in its manufacturing operations GH¢ Cost of material purchase 20,000 Import duties 400 Trade discount @10% of purchase cost Cash discount 500 Irrecoverable taxes 1,000 Salary of factory plant operator 2,500 Direct labour 5,000 Salary of factory supervisor 4,000 Cost of expected production losses 800 Administrative overhead (Note) 16,000 Cost of storage of raw material for further processing 2,000 Marketing cost...
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