The Nelson Company has a taxation year end of December 31. On January 1 of the current year, the UCC of Class 8 was $80,000. The Nelson Company has a policy of always deducting maximum CCA. Each of the following questions deals with transactions during the current year which involved Class 8 property. Choose the best answer for each question. An additional class 8 property was purchased for $20,000 on April 1, 2023. Maximum CCA for Class 8 is: A) $20,000 B) $60, 800 C) $22,000 D) $13,000
The Nelson Company has a taxation year end of December 31. On January 1 of the current year, the UCC of Class 8 was $80,000. The Nelson Company has a policy of always deducting maximum CCA. Each of the following questions deals with transactions during the current year which involved Class 8 property. Choose the best answer for each question. An additional class 8 property was purchased for $20,000 on April 1, 2023. Maximum CCA for Class 8 is: A) $20,000 B) $60, 800 C) $22,000 D) $13,000
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 10P
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Question
Transcribed Image Text:The Nelson Company has a taxation
year end of December 31. On January
1 of the current year, the UCC of Class 8
was $80,000. The Nelson Company has
a policy of always deducting maximum
CCA. Each of the following questions
deals with transactions during the
current year which involved Class 8
property. Choose the best answer for
each question. An additional class 8
property was purchased for $20,000 on
April 1, 2023. Maximum CCA for Class
8 is: A) $20,000 B) $60, 800 C) $22,000
D) $13,000
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