Mr. Neal Dunn purchased his house in 2009 and has lved In It personally ever since....

 

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Mr. Neal Dunn purchased his house in 2009 and has lved In It personally ever since. close to the focal university and in 2015 he decided he could earm more money if he rented out the property. So on March 1, 2015 he moved out and converted the building to income producing (renting it out). Mr. Dunn did not like being a landlord and on October 1, 2017, he decided to stop renting the property and to move back in and use it for personal use again. Mr. Dunn's property is Ignoring the Principal Residence Exermption, compute the tax impacts given the following: Building $274,000 $364,000 $347,000 $419,000 $468,000 Original Cost when purchased in 2009 FMV on March 1, 2015 FMV on Dec 31, 2016 FMV October 1, 2017 FMV December 31, 2017 REQUIRED: Determine all tax effects regarding this property for 2015, 2016 and 2017. Note that you wished to claim the maximum CCA entitiement every year possible. Show all calculations. Mr. Neal Dunn purchased his house in 2009 and has lved In It personally ever since. close to the focal university and in 2015 he decided he could earm more money if he rented out the property. So on March 1, 2015 he moved out and converted the building to income producing (renting it out). Mr. Dunn did not like being a landlord and on October 1, 2017, he decided to stop renting the property and to move back in and use it for personal use again. Mr. Dunn's property is Ignoring the Principal Residence Exermption, compute the tax impacts given the following: Building $274,000 $364,000 $347,000 $419,000 $468,000 Original Cost when purchased in 2009 FMV on March 1, 2015 FMV on Dec 31, 2016 FMV October 1, 2017 FMV December 31, 2017 REQUIRED: Determine all tax effects regarding this property for 2015, 2016 and 2017. Note that you wished to claim the maximum CCA entitiement every year possible. Show all calculations.

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BY CONVERTING PERSONAL PROPERTY INTO BUSINESS USES To ca... View the full answer