Charles Darwin owns two residential rental properties. One produced rental revenue of $13,500 and had...
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Charles Darwin owns two residential rental properties. One produced rental revenue of $13,500 and had allowable expenses (excluding capital cost allowance) of $11,250. The other had rental revenue of $22,500 and expenses of $18,750. Data on the two Class 1 buildings are as follows: During the year, Property A was sold for net proceeds of $336,000. - REQUIRED (A) What is the effect of the above information on the income of Charles Darwin for the year? (B) Can an election be made under subsection 13(4) if Property A is replaced by the end of the next year
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Charles Darwin owns two residential rental properties. One produced rental revenue of $13,500 and had allowable expenses (excluding capital cost allowance) of $11,250. The other had rental revenue of $22,500 and expenses of $18,750. Data on the two Class 1 buildings are as follows: During the year, Property A was sold for net proceeds of $336,000. - REQUIRED (A) What is the effect of the above information on the income of Charles Darwin for the year? (B) Can an election be made under subsection 13(4) if Property A is replaced by the end of the next year 