A business purchased $120,000 of equipment classified as capital asset with a 35% CCA rate. The equipment

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A business purchased $120,000 of equipment classified as capital asset with a 35% CCA rate. The equipment qualifies for the Accelerated Investment Incentive. How much CCA tax deduction can the business claim in the third year? Select one:

a. $14,002

b. $13,685

c. $13,694

d. $13,379

e. $12,968

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Feb 07, 2024 07:51 AM

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A business purchased $120,000 of equipment classified as capital asset with a 35% CCA rate. The equipment

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Expert Answer:

To calculate the Capital Cost Allowance CCA tax deduction for the third year we need to consider the ... View the full answer

Income Tax Fundamentals 2013

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