Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 2020 ucc balance $15000 in class 10.1 then purchas

2020 UCC balance $15000 in class 10.1 then purchased new car of 50000. in 2020 a...

50.1K

Verified Solution

Question

Accounting

2020 UCC balance $15000 in class 10.1 then purchased new car of50000. in 2020 a car was sold for 20000 and purchased for 80000.what will be the tax implications for 2020 for these twosituations?

Answer & Explanation Solved by verified expert
3.6 Ratings (394 Votes)
For 2020 Case 1 UCC balance 15000 in class 101 then purchased new car of 50000 For Class 101 vehicle CCA Capital Cost Allowance in the Previous Year 2019 maximum allowed is 30000 UCC balance is 15000 Lets assume    See Answer
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!
Become a Member

Other questions asked by students

Biology
1.2K views

Why do hornwort sporophytes differ from those of all other plants? A. They have a foot and...

Psychology
1.2K views

Hypothesis: If people are frequently interrupted by messages on their cell phones while working on an...

Electrical Engineering
1.2K views

Q1:A high voltage Schering Bridge has the following arms with their component ranges: AB: capacitor=100 pF...

Biology
1.2K views

of the following factors would NOT contribute to allopatric speciation A population becomes geographically isolated...

Physics
1.2K views

3 Mary is sitting in her parked car with the driver window opened The temperature...

Basic Math
1.2K views

Write the system of equations as 2m 4n 6b 3m 7n 56 7b Question Help...

Statistics
1.2K views

5 The sampling distribution of x is given below Find X XI 1 0 P...

Accounting
1.2K views

$ 5.350 $ 3.300 $16,000 $ 7000 3,520 $ 21620 Unearned Revenue (30...

Accounting
1.2K views

(Click the icon to view the performance report.) Requirement each variance...

Accounting
1.2K views

which of the following statements is true related to the net investment income tax (NIIT)...

Accounting
1.2K views

Help Save & Exi A company pays each of its two office employees each Friday...

Finance
1.2K views

Green Moose Industries Balance Sheet For the Year Ended on December 31 Assets Liabilities Current...