Question: please answer all the questions Question 1- (10 Marks) - True and False and Multiple-Choice Questions - Circle/highlight your answer. A) Interest on debt incurred
Question 1- (10 Marks) - True and False and Multiple-Choice Questions - Circle/highlight your answer. A) Interest on debt incurred to acquire shares in a public corporation is only deductible if the shares have a history of paying regular dividends. True or False B) An individual purchased a warehouse as an investment property two years ago. During the current year, he received rents of $8,000 and paid the following expenses interest of $6,000, property taxes of $2,000, heat, light and power of $500, and maintenance of $300. The UCC of this Class 1 asset was $20,000 on January 1 of the current year. He cannot claim a rental loss in the current year. True or False C) Recapture of CCA occurs when there is a negative balance in the class at the end of the year. True or False D) The widow of an individual received a death benefit from his employer of $25,000. She must include the $25,000 in income in the year of receipt True or False
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