In 2021, BB Inc., a public company, purchased and sold the following assets: Purchase price Purchases...
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In 2021, BB Inc., a public company, purchased and sold the following assets: Purchase price Purchases Office furniture Customer list $13,250 $ 2,300 Sales Building (original cost = $450,000) Land (original cost = $200,000) Office furniture (original cost = $13,000) At the beginning of 2021, BB Inc. had the following undepreciated capital cost balances: Class 1 Class 8 Class 14.1 Proceeds $625,000 $300,000 $ 1,750 $ 237,560 2,300 3,540 Required: Determine the impact of BB Inc.'s purchases and sales on taxable income for 2021, including any deductible expenses. Show all calculations. In 2021, BB Inc., a public company, purchased and sold the following assets: Purchase price Purchases Office furniture Customer list $13,250 $ 2,300 Sales Building (original cost = $450,000) Land (original cost = $200,000) Office furniture (original cost = $13,000) At the beginning of 2021, BB Inc. had the following undepreciated capital cost balances: Class 1 Class 8 Class 14.1 Proceeds $625,000 $300,000 $ 1,750 $ 237,560 2,300 3,540 Required: Determine the impact of BB Inc.'s purchases and sales on taxable income for 2021, including any deductible expenses. Show all calculations.
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Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
Posted Date:
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