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T. $10,000 Terminal LossE. $13,000M. $72,000U. $5,000 Allowable Capital LossF. $18,000N. $76,000V. $10,000 Allowable Capital LossG. $19,000O. $91,000W. $5,000 Taxable Capital GainH. $20,000P. $98,000X. $10,000 Taxable Capital Gain5.An additional class 8 asset was purchased for $20,000 on April 1. Maximum CCA for Class 8 is:6.An asset with a capital cost of $15,000 was sold for $4,000 on June 30. Minimum UCC on January 1 of thefollowing year is:7.An asset with a capital cost of $15,000 was sold for $26,000 on September 1. Maximum CCA for Class 8 is:8.An asset with a capital cost of $15,000 was sold for $26,000 on September 1. Minimum UCC on January 1 ofthe following year is:9.An asset with a capital cost of $100,000 was sold on June 30 for $90,000. Also during the year, an asset waspurchased for $60,000. Maximum CCA for Class 8 is:10.The last asset in the class, with a capital cost of $85,000, was sold on July 15 for $90,000. This would give riseto:11.The last asset in the class, with a capital cost of $85,000, was sold on August 1 for $70,000. This would giverise to:12.An asset with a capital cost of $40,000 was sold for $50,000 on September 1. This would give rise to:13.An asset with a capital cost of $70,000 was sold on October 1 for $90,000. An asset was purchased onNovember 1 for $100,000. Maximum CCA for Class 8 is:14.An asset with a capital cost of $70,000 was sold on May 1 for $90,000. An asset was purchased on May 15 for$100,000. Minimum UCC on January 1 of the following year is:15.The capital cost of an asset includes a number of costs. Indicate which cost would NOTbe considered part ofthe capital cost.A.Legal fees incurred to acquire the asset.B.Duties paid on the asset.C.Fire and theft insurance paid on the asset.D.Non-refundable provincial sales taxes paid on the asset.E.An appropriate allocation of overhead.
16.A business has $5,000 in Taxable Income before CCA in the current year. The management anticipates a highincome for the subsequent year. The maximum CCA deductible for the year in Class 8 is $5,000 and themaximum CCA deductible for the year in Class 12 is $5,000. To minimize the subsequent year’s taxes, thebusiness should:17.During the current year, Denos Corporation incurred costs of $45,000 for leasehold improvements to its newlyrented building. The lease was signed in the current year for an initial term of three years plus four successiveoptions to renew the lease, each for an additional one year term. Which one of the following amounts representsthe maximum capital cost allowance claim in the current year?