Question: Provide full details. 26 Hart Assignment Problem Seven - 2 (Rental Income Including CCA) During 2019, Ms. Alice Busting owns four residential rental properties. Relevant

Provide full details. Provide full details. 26 Hart Assignment Problem Seven - 2 (Rental Income

26 Hart Assignment Problem Seven - 2 (Rental Income Including CCA) During 2019, Ms. Alice Busting owns four residential rental properties. Relevant information on these properties is as follows: 26 Hart 32 Barton 14 Mark 96 Flagler Street Boulevard Avenue Street CCA Class 1 1 3 1 Capital Cost Of Building $1,180,000 $307,500 $1,033,750 $570,000 January 1, 2019 UCC Nil 266,250 703,250 514,800 Rental receipts and expenses, not including CCA, for year ending December 31, 2019 are as follows: 32 Barton 14 Mark 96 Flagler Street Boulevard Avenue Street Rental Receipts $79,500 $16,000 $63,000 546,500 Property Taxes ( 17,756) (12,113) (15,500) (18,550) Interest Charges ( 51,625) (5,250) (30,000) (12,750) Other Expenses (Not including CCA) (4,500) (1,375) (6,750) (10,500) Net Rental Income (Loss) Before CCA $ 5,619 (5 2,738) $10,750 $ 4,700 Other Information: 1. The property at 26 Hart Street was acquired during 2019 for $1,180,000. 2. The building at 32 Barton Boulevard was sold during 2019 for $231,000. Ms. Busting had furnished this property several years ago at a cost of $28,750. The UCC for these Class 8 assets was $4,498 on January 1, 2019. Given the condition of the furnish- ings, they were simply given to the former tenants who agreed to take them when they moved out 3. During 2019, Ms. Busting spent $78,750 on improvements to the property at 14 Mark Avenue. While none of the changes were required, the tenant insisted on the changes before he was prepared to renew his lease. These improvements will also enhance the value of this property. 4. The building at 96 Flagler Street was sold during 2019 for $653,000 Required: Calculate Ms. Busting's minimum net rental income for 2019. You should provide a separate CCA calculation for each property and specify how much CCA should be taken for each building. Include in your solution any tax consequences associated with the sale of the two buildings and the disposition of the furniture

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