Review worksheet.docx - Optional review worksheet For extra...

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Optional review worksheet For extra participation marks, if you wish, please hand your completed worksheet in on the assignments tab before 11:55pm on Tuesday, January 8, 2019. It will be discussed and taken up in class on the first day. It is optional , and there will be ample other opportunities in class and a few additional out-of-class options to earn participation marks instead of or in addition to this assignment. This is just a chance to get ahead and boost your participation mark somewhat, if a reasonable effort to complete the worksheet correctly is submitted. Show your work please, if you choose to complete it. The objective of this worksheet is to get you to open your book a bit before class and review a few basic concepts from tax 1 that will carry over to this course, if you have time. Scanned or phone picture submissions of your written work are fine, provided it is readable and submitted before the deadline in order to earn participation points. You can read more about the participation scoring system on the “note from instructor” document on Sakai, if you would like. CCA/ Recapture/ Terminal Loss (chapter 5) 1. A business started on May 1, 2018 and has a year end of December 31, 2018 (first year). During the year, class 8 furniture (20%) was purchased for $10,000. a. What is the maximum allowable CCA for the year? b. What will the beginning UCC be for next year? 2. If a class 30 vehicle is sold in a year and the class is now empty, please describe the effect of the sale if the UCC was $3,000 directly before sale, proceeds were $6,000 and the original cost was $10,000. How will income be affected?
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3. If a class 30 vehicle is sold in a year and the class is now empty, please describe the effect of the sale if the UCC was $8,000 directly before sale, proceeds were $6,000 and the original cost was $10,000. How will income be affected?
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  • Spring '14
  • MaureenDonnelly
  • Betty Baker, bob baker

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