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Scott Inc. closes its books on December 31 of every year.

The following information on its assets was contained in the records of the business as follows:

1. Class 1 During 2020, a new office building was acquired at a total cost of $623,000. Of this total, it is estimated that the value of the land is $145,000. The building will be used 100 percent for non-residential activities, none of which involve manufacturing. It will be allocated to a separate Class 1 (6%).

2. Class 8 The January 1, 2020 UCC balance in this Class was $346,000. During 2019, the Company acquired Class 8 assets at a cost of $105,000. Class 8 assets with a capital cost of $83,000 were sold for proceeds of $75,000. None of the individual assets sold had proceeds that exceeded their individual capital cost.

3. Class 10 The January 1, 2020 UCC balance in this Class was $150,000. During 2019, 3 passenger vehicles were acquired at a cost of $25,000 each. In addition, a delivery van with a capital cost of $42,000 was sold for $18,000.

4. In 2020, Scott sold the only building he owns for proceeds of $610,000. He purchases this building years ago for $540,000 ($350,000 for the land. Also, of the sale price $500,000 consider as the sale price of the land). UCC balance at Jan 1, 2020 was $120,000. Building in class 1, 4%.

Required:

Calculate the maximum CCA that Scott Enterprise can deduct for 2020. Also, calculate any other Tax consequences for the year.

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