Sheela owns two residential rental properties. Both properties are in a separate Class 1(CCA rate- 4%). At the beginning of the year, Property A has a cost of $300,000, UCC of $200,000 and Property B has a cost $260,000, UCC of $136,000. In 2020, Sheela added major capital improvements to Property B for a cost of $26,000. What is the maximum CCA available for Mike to claim?

Sheela owns two residential rental properties. Both properties are in a separate Class 1(CCA rate- 4%). At the beginning of the year, Property A has a cost of $300,000, UCC of $200,000 and Property B has a cost $260,000, UCC of $136,000. In 2020, Sheela added major capital improvements to Property B for a cost of $26,000. What is the maximum CCA available for Mike to claim?

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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