Pidgeon Dock Ltd. (PD) sold a property in its year ended January 31, 2012. The details are
Question:
The building was the last remaining asset in Class 3. PD prepared its corporate tax return based on the proceeds of disposition shown above. The CRA is now auditing PD.
REQUIRED
Identify and calculate any adjustment the CRA will make to PD's 2012 income tax return.
Transcribed Image Text:
Proceeds Cost UCC Building Land $300,000 $400,000 350,000 175,000 $100,000 N/A
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Pidgeon Dock Ltd has sold the building for less than its cost amount with a concurrent capital gain ...View the full answer
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Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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