Quick Growth Stores Ltd. has decided to change the present location of its retail store, now in

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Quick Growth Stores Ltd. has decided to change the present location of its retail store, now in a suburban area, to the Yonge Street strip in downtown Toronto. The following facts relate to the disposition of the original property in March 2015.

Quick Growth Stores Ltd. purchased its Yonge Street property in August 2016 for the following amounts:

REQUIRED

Indicate the tax consequences of electing an additional deferral in respect of the building.

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Introduction To Federal Income Taxation In Canada 2016-2017

ISBN: 9781554968725

37th Edition

Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett

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Question Posted: Aug 02, 2023 03:32 AM

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Quick Growth Stores Ltd. has decided to change the present location of its retail store, now in

Question:

Cost UCC Proceeds Land $30,000 70,000 Cl 1 Building $50,000 30,000 100,000 CI 8 Equipment $5,000 1,500 500

Step by Step Answer:

Reexamining the facts above it would be possible to elect to transfer 25000 of the land proceeds to the building proceeds thereby eliminating the capital gain Note that the tradeoff is a reduced capit...View the full answer

Introduction To Federal Income Taxation In Canada 2016-2017

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