An individual has net income of $147,500 for the current year. In the current year, the individual donates a depreciable property with a FMV of $300,000, a capital cost and ACB of $225,000 and a UCC $147,000. It is the only property in its CCA class and no additions are made in the year and subsequent to the gift. If the individual elects to have the donation valued at its FMV, what is the maximum amount that this individual can claim as the basis for his charitable donations tax credit for the current year? Question 6 options: $110,625 $139,500 $148,875 S 300,000

An individual has net income of $147,500 for the current year. In the current year, the individual donates a depreciable property with a FMV of $300,000, a capital cost and ACB of $225,000 and a UCC $147,000. It is the only property in its CCA class and no additions are made in the year and subsequent to the gift. If the individual elects to have the donation valued at its FMV, what is the maximum amount that this individual can claim as the basis for his charitable donations tax credit for the current year? Question 6 options: $110,625 $139,500 $148,875 S 300,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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