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

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 60P

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