2020 UCC balance $15000 in class 10.1 then purchased new car of
50000. in 2020 a...
50.1K
Verified Solution
Link Copied!
Question
Accounting
2020 UCC balance $15000 in class 10.1 then purchased new car of50000. in 2020 a car was sold for 20000 and purchased for 80000.what will be the tax implications for 2020 for these twosituations?
Answer & Explanation
Solved by verified expert
3.6 Ratings (394 Votes)
For 2020 Case 1 UCC balance 15000 in class 101 then purchased new car of 50000 For Class 101 vehicle CCA Capital Cost Allowance in the Previous Year 2019 maximum allowed is 30000 UCC balance is 15000 Lets assume
See Answer
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!