For tax purposes, intangible assets of a company are ________. Choose the correct answer. A. segregated into Class 14...

Question

Question

For tax purposes, intangible assets of a company are ________. Choose the correct answer. A. segregated into Class 14...

For tax purposes, intangible assets of a company are ________.

Choose the correct answer.

A.

segregated into Class 14 or Class 14.1 based on whether the assets have limited or unlimited useful lives

B.

accumulated in a single account

C.

not deductible for tax purposes

D.

fully deductible in the year they are made

business accounting

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Answer 1

Answer #1

For tax purposes, intangible assets of a company are segregated into Class 14 or Class 14.1 based on whether the assets have limited or unlimited useful lives

Class 14 comprises of intangible such as Patents,copyrights, design, Licenses which have a limited life and are subject to CCA deduction.

Class 14.1 comprises of intangible such as Goodwill, Trademarks which have an unlimited life.

Option A is correct

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Answer 2

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For tax purposes, intangible assets of a company are ________. Choose the correct answer. A. segregated into Class 14...

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For tax purposes, intangible assets of a company are ________. Choose the correct answer. A. segregated into Class 14...