Question: Question from Taxation..provide full solution please We have to find the CCA. QUESTION ONE During 2020, Ms. Jessica Roberts owns four residential rental properties. Information

Question from Taxation..provide full solution please  Question from Taxation..provide full solution please We have to find the
CCA. QUESTION ONE During 2020, Ms. Jessica Roberts owns four residential rental
We have to find the CCA.

QUESTION ONE During 2020, Ms. Jessica Roberts owns four residential rental properties. Information on these properties is as follows: 436 Rankin 124 Glengarry Avenue 3 4251 Oak Street 1 CCA Class 1322 Curry Avenue 1 $246,000 $213,018 Avenue 1 Capital Cost Of Building January 1, 2020 UCC $827,000 $563,086 $456,000 $411,845 $947,000 Nil Rental receipts and expenses, not including CCA, for year ending December 31, 2020 are as follows: 1322 Curry 436 Rankin Avenue 124 Glengarry Avenue $50,400 (12,400) (24,000) 4251 Oak Street $37,200 (6,840) (10,230) $12,800 (9,690) (4,200) Avenue $63,600 (14,205) (41,300) Rental Receipts Property Taxes Interest Charges Other Expenses (Not Including CCA) Net Rental Income (Loss) Before CCA (5,400) (5400) (1.100) (3.600) $ 8,600 $ 4,195 $11.760 (5 2,190) Other Information: 1. During 2020, Ms. Roberts spent $63,000 on improvements to the property at 124 Glengarry Avenue While none of the changes were required, the tenant insisted on the changes before he was prepared to renew his lense. These improvements will also enhance the value of this property 2. The building at 4251 Oak Street was sold during 2020 for $523,000. At this time the value of the land on which the building was situated was equal to its adjusted cost base 3. The building at 1322 Curry Aveme was sold during 2020 for $185,000 Ar this time the value of the land on which the building was situated was equal to its adjusted cost base. Ms. Roberts had turished this property several years ago at a cost of $23,000. The UCC for these Class 8 assets was $3,616 on January 1, 2020. Given the condition of the furnishings they were simply given to tlw former tenants who agreed to take them when they moved out. 4. The building at 436 Rankin Avenue was acquired during 2020 for $1,147,000, including an estimated value for the land of $200,000 Required: Calculate Ms. Robert's minimum net rental income for 2020. 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. HINT: Recapture Terminal Loss QUESTION ONE During 2020, Ms. Jessica Roberts owns four residential rental properties. Information on these properties is as follows: 436 Rankin 124 Glengarry Avenue 3 4251 Oak Street 1 CCA Class 1322 Curry Avenue 1 $246,000 $213,018 Avenue 1 Capital Cost Of Building January 1, 2020 UCC $827,000 $563,086 $456,000 $411,845 $947,000 Nil Rental receipts and expenses, not including CCA, for year ending December 31, 2020 are as follows: 1322 Curry 436 Rankin Avenue 124 Glengarry Avenue $50,400 (12,400) (24,000) 4251 Oak Street $37,200 (6,840) (10,230) $12,800 (9,690) (4,200) Avenue $63,600 (14,205) (41,300) Rental Receipts Property Taxes Interest Charges Other Expenses (Not Including CCA) Net Rental Income (Loss) Before CCA (5,400) (5400) (1.100) (3.600) $ 8,600 $ 4,195 $11.760 (5 2,190) Other Information: 1. During 2020, Ms. Roberts spent $63,000 on improvements to the property at 124 Glengarry Avenue While none of the changes were required, the tenant insisted on the changes before he was prepared to renew his lense. These improvements will also enhance the value of this property 2. The building at 4251 Oak Street was sold during 2020 for $523,000. At this time the value of the land on which the building was situated was equal to its adjusted cost base 3. The building at 1322 Curry Aveme was sold during 2020 for $185,000 Ar this time the value of the land on which the building was situated was equal to its adjusted cost base. Ms. Roberts had turished this property several years ago at a cost of $23,000. The UCC for these Class 8 assets was $3,616 on January 1, 2020. Given the condition of the furnishings they were simply given to tlw former tenants who agreed to take them when they moved out. 4. The building at 436 Rankin Avenue was acquired during 2020 for $1,147,000, including an estimated value for the land of $200,000 Required: Calculate Ms. Robert's minimum net rental income for 2020. 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. HINT: Recapture Terminal Loss

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