#1) (12 MARKS) XYZ Retailers has a December 31 fiscal year end. See below for details...

 

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#1) (12 MARKS) XYZ Retailers has a December 31 fiscal year end. See below for details relating to their long- term assets: Class Description Beg UCC Brick 3 Building $83,000 8 Equipment 20,000 10 Truck 7,000 During the year, you incurred the following costs: Class Description Cost 8 Equipment $8,000 Luxury 10.1 Vehicle 55,000 Leasehold 13 Imp 10,000 * The lease has 5 years remaining plus an option to renew for another 5 years. During the year, you sold the following assets: Class Description Orig Cost Brick Proceeds 3 Building** $200,000 $300,000 8 Equipment 4,000 3,000 10 Truck** 40,000 3,500 REQUIRED: **No assets left in pool. Determine the maximum CCA that can be claimed (along with any other tax impacts such as capital gains/loss, terminal loss, recapture, etc). For simplicity, ignore all Excise Taxes. #1) (12 MARKS) XYZ Retailers has a December 31 fiscal year end. See below for details relating to their long- term assets: Class Description Beg UCC Brick 3 Building $83,000 8 Equipment 20,000 10 Truck 7,000 During the year, you incurred the following costs: Class Description Cost 8 Equipment $8,000 Luxury 10.1 Vehicle 55,000 Leasehold 13 Imp 10,000 * The lease has 5 years remaining plus an option to renew for another 5 years. During the year, you sold the following assets: Class Description Orig Cost Brick Proceeds 3 Building** $200,000 $300,000 8 Equipment 4,000 3,000 10 Truck** 40,000 3,500 REQUIRED: **No assets left in pool. Determine the maximum CCA that can be claimed (along with any other tax impacts such as capital gains/loss, terminal loss, recapture, etc). For simplicity, ignore all Excise Taxes.