An individual has net income of $147,500 for the current year. In the current year, the individual donates a depreciable property with a FMV of $300,000, a capital cost and ACB of $225,000 and a UCC $147,000. It is the only property in its CCA class and no additions are made in the year and subsequent to the gift. If the individual elects to have the donation valued at its FMV, what is the maximum amount that this individual can claim as the basis for his charitable donations tax credit for the current year? Question 6 options: $110,625 $139,500 $148,875 S 300,000
An individual has net income of $147,500 for the current year. In the current year, the individual donates a depreciable property with a FMV of $300,000, a capital cost and ACB of $225,000 and a UCC $147,000. It is the only property in its CCA class and no additions are made in the year and subsequent to the gift. If the individual elects to have the donation valued at its FMV, what is the maximum amount that this individual can claim as the basis for his charitable donations tax credit for the current year? Question 6 options: $110,625 $139,500 $148,875 S 300,000
Chapter3: Tax Formula And Tax Determination; An Overview Of property Transactions
Section: Chapter Questions
Problem 48P
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Transcribed Image Text:An individual has net income of $147,500 for the current year. In the current year,
the individual donates a depreciable property with a FMV of $300,000, a capital
cost and ACB of $225,000 and a UCC $147,000. It is the only property in its CCA
class and no additions are made in the year and subsequent to the gift. If the
individual elects to have the donation valued at its FMV, what is the maximum
amount that this individual can claim as the basis for his charitable donations tax
credit for the current year? Question 6 options: $110,625 $139,500 $148,875 $
300,000
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