In the current year H Ltd., an HST registrant, disposed of a passenger vehicle (cost $39,000; UCC $26,000) for $ 20,000. At the same time H purchased a new passenger vehicle for $48,000 plus HST. What is the maximum CCA deduction that H can claim in the current year?
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- Would you please explain how to find the minimum taxable capital gain to be reported in Year 2? sold capital property in Year 1 for net proceeds of $500,000. The property has an adjusted cost base of $100,000. C received $200,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following three years. What is the minimum taxable capital gain to be reported in Year 2?McKenzie purchased qualifying equipment for his business that cost $212,000 in 2021. The taxable income of the business for the year is $5,600 before consideration of any § 179 deduction. If an amount is zero, enter "0". a. Calculate McKenzie's § 179 expense deduction for 2021 and any carryover to 2022. § 179 expense deduction for 2021: $ § 179 carryover to 2022: $ b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment instead of using § 179 expensing? Hint: See Concept Summary 8.3. § 179 expense deduction for 2021: $ § 179 carryover to 2022:For his business, McKenzie purchased qualifying equipment that cost $212,000 in 2019. The taxable income of the business for the year is $5,600 before consideration of any § 179 deduction. b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment? McKenzie's § 179 expense deduction is ___________ for 2019?
- In year 0, Longworth Partnership purchased a machine for $58,250 to use in its business. In year 3, Longworth sold the machine for $37,900. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $25,200. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What are the amount and character of the gain or loss Longworth will recognize on the sale? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss)Euclid acquires a 7-year class asset on May 9, 2021, for $80,000 (the only asset acquired during the year). Euclid does not elect immediate expensing under § 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Euclid's cost recovery deduction for 2021 and 2022. 2021: $ 2022: $In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What is the amount and character of the gain or loss Longworth will recognize on the sale? In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What is the amount and character of the gain or loss Longworth will recognize on the sale? In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In…
- In year 0, Longworth Partnership purchased a machine for $58,250 to use in its business. In year 3, Longworth sold the machine for $37,900. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $25,200. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to $19,400? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss)In year 0, Longworth Partnership purchased a machine for $44,500 to use in its business. In year 3, Longworth sold the machine for $38,400. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $31,100. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What are the amount and character of the gain or loss Longworth will recognize on the sale? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) §1231 gain/(loss) b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $68,000? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) §1231 gain/(loss) c. What are the amount and character of the gain or loss Longworth will recognize on the sale…On September 14, 2021, Jay purchased a passenger automobile that is used 75 percent in his business. The automobile has a basis for depreciation purposes of $45,000, and Jay uses the accelerated method under MACRS. Jay does not elect to expense under section 179. Calculate Jay's depreciation deduction for 2021 assuming bonus depreciation.
- On June 25, 2020, Ms. Annie Rawlings purchased an automobile to be used exclusively in her unincorporated business. The cost of the automobile was $51000, before GST and PST. She finances a part of the purchase price and, as a consequence, has financing charges for the period June 25, 2020 to December 31, 2020 of $4280. Ms. Rawlings has decided not to deduct any CCA this year. Ignoring any deduction for CČA, how much other costs can Ms. Rawlings deduct in 2020 with respect to this vehicle acquisition? Round to the nearest dollar. Do NOT w commas, dollar signs, or decimals in your response.On October 1, 2019, Priscilla purchased a business. Of the purchase price, $60,000 is allocated to a patent and $375,000 is allocated to goodwill. Calculate Priscilla’s 2019 § 197 amortization deduction.In April 2020, Emma acquired a machine for $60,000 for use in her business. The machine is claslified as 7- year property. Emma does not expense the asset under Sec. 179 or bonus depreciation. Emma's depreciation on the machine for 2020 is A) $30,000. B) S60,000. C) $6,428. D) $8,574. b. In May 2020, Cassie acquired a machine for $30,000 to use in her business. The machine is classified as 5-year property. Cassie does not expense the property under Sec. 179 or bonus depreciation. Cassie's depreciation on the machine for 2020 is A) $3,000. B) $6,000. C) $12,000. D) S15,000. С. Mehmet, a calendar-year taxpayer, acquires 5-year tangible personal property in 2020 and does not use Sec. 179 or bonus depreciation. Mehmet places the property in service on the following schedule: Date placed in service January 15 May 25 November 8 Acquisition Cost $50,000 S100,000 $200,000 What is the total depreciation for 2020? d. On May 1, 2009, Empire Properties Corp., a calendar-year taxpayer, purchased an…