the following are independent situations a janice martin was an employee of xyz ltd 4375379

The following are independent situations. (a) Janice Martin was an employee of XYZ Ltd. She was required to use her car in her employment duties and at the end of last year the UCC of her car (Class 10) was $3,500. She left XYZ during this year and began working for Executive Search Service, where she was not required to use her car. Janice sold her car this year for $3,200. (b) Ramesh acquired a rental building on September 1 this year at a cost of $75,000. His net rental income for the four months is $2,000. He wants to claim the maximum CCA. (c) In 2002, William acquired two rental buildings at a cost of $60,000 each. He has sold one for $90,000. The UCC of each building was $45,000. Ignore any capital gain. (d) Colin bought a piece of land that he is renting to a farmer for pasturing his cows. The land cost $35,000 and Colin received $1,500 in rent. Is Colin restricted on the CCA he is allowed? (e) Randi sold her rental property last year for $100,000. The allocation was $75,000 for the building and $25,000 for the land. Her legal fees for selling the property were $2,000. What are her proceeds of disposition for the building? REQUIRED Identify the CCA, amortization, or other amount in each of the above situations. View Solution:
The following are independent situations a Janice Martin was an employee

Related Articles

armstrong helmet company 239138

Armstrong Helmet Company manufactures a unique model of bicycle helmet Question Case project Learning Objectives: Prepare practical applications of course concepts Develop analytical and critical thinking Develop decision-making capabilities Enhance professional...

read more
GET A FREE QUOTE





  
Open chat
Need help? We are Online 24/7
Hello 👋
Can we help you?