Hector has two residential rental properties that are mortgaged. Both properties are in Class 1 with...
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Hector has two residential rental properties that are mortgaged. Both properties are in Class 1 with a CCA rate of 4 percent. At the beginning of the year, Property A has a UCC of $650,000 and Property B has a UCC of $1,350,000. Before consideration of CCA, Property A earned net rental income of $61,000, and Property B had a net rental loss of $49,000. What is the maximum amount of CCA Hector will be able to claim this year? O a) Nil O b) $12,000 c) $40,000 d) $80,000 Question 12 (2 points) v Saved David sold the following assets during the current year: Item Painting Coin Collection Electric Mower Antique Chair Sales Price $2500 $800 $700 $1100 Cost $800 $1200 $250 $1700 Which one of the following amounts represents his taxable capital gain, net of allowable capital losses, for tax purposes during the current year? a) $325 O b) $575 O ) $650 d) $1150 Hector has two residential rental properties that are mortgaged. Both properties are in Class 1 with a CCA rate of 4 percent. At the beginning of the year, Property A has a UCC of $650,000 and Property B has a UCC of $1,350,000. Before consideration of CCA, Property A earned net rental income of $61,000, and Property B had a net rental loss of $49,000. What is the maximum amount of CCA Hector will be able to claim this year? O a) Nil O b) $12,000 c) $40,000 d) $80,000 Question 12 (2 points) v Saved David sold the following assets during the current year: Item Painting Coin Collection Electric Mower Antique Chair Sales Price $2500 $800 $700 $1100 Cost $800 $1200 $250 $1700 Which one of the following amounts represents his taxable capital gain, net of allowable capital losses, for tax purposes during the current year? a) $325 O b) $575 O ) $650 d) $1150
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Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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