A corporation has a balance of $75,088 for CCA class 53 on January 1, 2021. Throughout 2021, the corporation bought further Class 53 properties for a total cost of $5,000,000. In addition, one of the multiple Class 53 assets was sold for $500,000 throughout the year. It cost $3,000,000. Which of the following responses corresponds to the maximum CCA authorised for the firm's Class 53 in 2021? 1 $3,412,500 2 $4,537,500 3 $1,162,500 4 $3,537,500
A corporation has a balance of $75,088 for CCA class 53 on January 1, 2021. Throughout 2021, the corporation bought further Class 53 properties for a total cost of $5,000,000. In addition, one of the multiple Class 53 assets was sold for $500,000 throughout the year. It cost $3,000,000. Which of the following responses corresponds to the maximum CCA authorised for the firm's Class 53 in 2021? 1 $3,412,500 2 $4,537,500 3 $1,162,500 4 $3,537,500
Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization
Section: Chapter Questions
Problem 44P
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Transcribed Image Text:A corporation has a balance of $75,000 for CCA class 53 on January 1, 2021. Throughout 2021,
the corporation bought further Class 53 properties for a total cost of $5,000,000. In addition,
one of the multiple Class 53 assets was sold for $500,000 throughout the year. It cost $3,000,000.
Which of the following responses corresponds to the maximum CCA authorised for the firm's Class 53 in 2021?
1 $3,412,500
2 $4,537,500
3 $1,162,500
4 $3,537,500
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT