Rushmore Ltd., with a tax year that ends on Dec 31, has a class 10...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Rushmore Ltd., with a tax year that ends on Dec 31, has a class 10 (30%) UCC balance on January 1, 2020 of $67000. During 2020, it acquired 20 class 10 cars that are eligible for the accelerated investment incentive. The total cost of all the cars was $197000. The Company also disposes of 15 cars for total proceeds of $57000. In no case did the proceeds of disposition exceed the capital cost of the vehicle being disposed of. Determine the maximum Class 10 CCA that Rushmore Ltd. can deduct for 2020. Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. Your Answer: Answer Previous Page Next Page Page 3 of 3
Answer & Explanation
Solved by verified expert
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: Flex AI - Your personal assistant for all your inquiries!
