On December 1, 2016 Morteaux Ltd. sells its only building in anticipation of moving to a new location in 2017. Morteaux Ltd. has a taxation year that ends on December 31st. The property is sold for #2300,000 and at the time of th sale the land had adjusted cost base equal to its fair market value of #1,200,000 while the building had a capital cost equal to its fair market value of $1,100,000 and a UCC of $250000. During February 2017 the store building is replaced at a total cost of #2,700,000 with $1,300,000 allocated to the land and $1,400,000 allocated to the building. The replacement building is a 25 year old building. Assume the appropriate election is made to minimize total taxes for the years 2016 and 2017. Calculate the effect on 2016 Net Income for Tax Purpose of the sale and acquisition and the maximum CCA that can be taken on the new building in 2017.
RECOMMENDED!!ACC 842-On December 1, 2016 Morteaux Ltd. sells
How it works
- Paste your instructions in the instructions box. You can also attach an instructions file
- Select the writer category, deadline, education level and review the instructions
- Make a payment for the order to be assignment to a writer
- Download the paper after the writer uploads it
Will the writer plagiarize my essay?
You will get a plagiarism-free paper and you can get an originality report upon request.
Is this service safe?
All the personal information is confidential and we have 100% safe payment methods. We also guarantee good grades
Recent Comments