Subject: CCA Error During the taxation year ending December 31, 2020, your company acquired a...
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Subject: CCA Error During the taxation year ending December 31, 2020, your company acquired a depreciable asset for $326,000 and you included this asset in Class 1 for the year (it was not allocated to a separate Class 1). Early in 2021, you discover that the asset should have been allocated to Class 10. What was the impact of this error on your company's 2020 deductions from business income? In making your calculations, ignore the halfyear rule (next section of the Chapter)
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Subject: CCA Error During the taxation year ending December 31, 2020, your company acquired a depreciable asset for $326,000 and you included this asset in Class 1 for the year (it was not allocated to a separate Class 1). Early in 2021, you discover that the asset should have been allocated to Class 10. What was the impact of this error on your company's 2020 deductions from business income? In making your calculations, ignore the halfyear rule (next section of the Chapter) 