Ranjit owns a residential rental building which he purchased for $300,000\\\\in 2017. In that year, his rental income before CCA was $6,000. In 2018, his rental income before CCA was $12,000. Ranjit always minimizes his tax liability. Which of the following statements is correct?

a)  Ranjit has net rental income of nil in 2018.

b)  Ranjit has a net rental loss of $2,000 in 2018.

c)  Ranjit has net rental income of $480 in 2018.

d)  Ranjit has net rental income of $240 in 2018.

Answer rating: 100% (QA)

RANJIT HAS NET RENTAL INCOME OF 240 in 2018 OPTION ... View the full answer