H4. 4Which of the following would be classified as soft costs?a) Joan purchased a rental property and incurred legal fees of about $1,000 associated with thepurchase of the property.Ob) Alicia incurred legal fees associated with the purchase of her rental property which she wasrenovating to make it more suitable for renting.c) Robert who bought a rental property under construction incurred additional interest cost fromthe use of his line of credit to pay for the renovations.d)Russell who purchased a rental building and incurred costs for property taxes and mortgageinterest.Minutes remaining : 112Previous Question Next Question View Summary and Submit 3Max purchased a rental property ten years ago for a total of $300,000 with $70,000 attributed tothe land. Over the years, he has claimed total CCA of $60,000 on the building. This year, he sold theproperty for $550,000 with $95,000 attributed to the land. Remember to take into account therecapture on the building, the capital gain on the building, and the capital gain on the land. What isthe total increase in Max's taxable income as a result of this transaction?a) $60,000Ob) $125,000c) $185,000d) $250,000MinutesPreviousstartlionView Summary and Submit

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W Which of the following would be classified as soft costs? Oa) Joan purchased a rental property and incurred legal fees of about $1,000 associated with the purchase of the property. Ob) Alicia incurred legal fees associated with the purchase of her rental property which she was renovating to make it more suitable for renting. Oc) Robert who bought a rental property under construction incurred additional interest cost from the use of his line of credit to pay for the renovations. d) Russell who purchased a rental building and incurred costs for property taxes and mortgage interest.

W Which of the following would be classified as soft costs? Oa) Joan purchased a rental property and incurred legal fees of about $1,000 associated with the purchase of the property. Ob) Alicia incurred legal fees associated with the purchase of her rental property which she was renovating to make it more suitable for renting. Oc) Robert who bought a rental property under construction incurred additional interest cost from the use of his line of credit to pay for the renovations. d) Russell who purchased a rental building and incurred costs for property taxes and mortgage interest.

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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