Angus and his sister Oona operate a small charter flight service that takes tourists on sightseeing tours over the beautiful Margaree River on Cape Breton Island. At the end of 2009, they had one four-seater plane in the aircraft asset class with a UCC of $30 000. In 2010, they purchased a second plane for $50 000. Business was going well in 2011, so they sold the old plane they had in 2009 for $15 000 and bought a newer version for $64 000. What was the UCC balance in the aircraft asset class at the end of 2012? The CCA rate for aircraft is 25 percent.

Angus and his sister Oona operate a small charter flight service that takes tourists on sightseeing tours over the beautiful Margaree River on Cape Breton Island. At the end of 2009, they had one four-seater plane in the aircraft asset class with a UCC of $30 000. In 2010, they purchased a second plane for $50 000. Business was going well in 2011, so they sold the old plane they had in 2009 for $15 000 and bought a newer version for $64 000. What was the UCC balance in the aircraft asset class at the end of 2012? The CCA rate for aircraft is 25 percent.

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 64P

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