On April 1st of the current year, M Limited paid $20,000 for a license to manufacture...
On April 1st of the current year, M Limited paid $20,000 for a license to manufacture widgets. The license has a 4-year limited life. What is the maximum amount of capital cost allowance (CCA) that M Limited can claim in the current year in respect of this license. Ignore the effects of leap year.
A. $500
B. $1,000
C. $1,884
D. $3,767
Homework Answers
Solution-
Answer is B. $1,000
The licences are a falls under Class 14 of capital cost allowance and depreciation rate for these are 5%. Hence, the company can deduct $1,000.
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On April 1st of the current year, M Limited
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Part A
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