Nelson Co has a taxation year end of December 31. On January 1, 2022 the UCC of Class 8 was $80,000. A Class 8 asset with a capital cost of $70,000 was sold on May 1, 2022 for $90,000 and another Class 8 asset was purchased on May 15, 2022 for $100,000. Assuming maximum CCA is taken in 2022 and the new asset qualifies for the Accelerated Investment Incentive, the closing UCC balance is:
Nelson Co has a taxation year end of December 31. On January 1, 2022 the UCC of Class 8 was $80,000. A Class 8 asset with a capital cost of $70,000 was sold on May 1, 2022 for $90,000 and another Class 8 asset was purchased on May 15, 2022 for $100,000. Assuming maximum CCA is taken in 2022 and the new asset qualifies for the Accelerated Investment Incentive, the closing UCC balance is:
Chapter1: Financial Statements And Business Decisions
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Nelson Co has a taxation year end of
December 31. On January 1, 2022 the UCC
of Class 8 was $80,000. A Class 8 asset
with
a capital cost of $70,000 was sold on May
1, 2022 for $90,000 and another Class 8
asset was purchased on May 15, 2022 for
$100,000. Assuming maximum CCA is
taken in 2022 and the new asset qualifies
for the Accelerated Investment Incentive,
the
closing UCC balance is:
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