A)Capital cost allowance for each class can be calculated using the declining balance method or the straight line method, as long as it is the same method used to calculate amortization for the financial statements.

T/F

B)Capital cost allowance is similar to the accounting term amortization and allocates the cost of the capital asset to current and subsequent taxation years.

T/F

C)A corporation with a June 30 year end begins its operations on January 1, 2015. It has acquired $50,000 of Class 8 assets on this date. The maximum CCA for its fiscal year ending June 30, 2015 is $5,000.

T/F

D)The half-year rules do not apply to CCA Class 14 which contains limited life intangibles.

T/F

E)Only one-half of a terminal loss can be deducted in the determination of a taxpayer's Net Income For Tax Purposes.

T/F