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(CCA Calculations Over 3 Years) Bob's Buttons is an unincorporated business that began operations on September 1, 2017 buttons to various clients throughout the city of Toronto and online. Clients include pe The owner operator is Bob Pope and his business is selling decorative and parties, retail and online stores, sports teams, and various religious organizations When he began operations in 2017, he acquired the following assets A building to house his operations. The total cost of the building was $362,000, Vang an estimated $220,000 for the land. The building is used exclusively for his business, wil - Furniture and fixtures with a cost of $120.000 - Two customized delivery vehicles at a cost of $36,000 each. As the business has enjoyed early success, on April 1, Bob purchases a $110,000 Lexus He has large logos of the business painted on both sides of the vehicle. Since Bobinet 92 percent of the space being used for manufacturing the buttons. The building is Bob's business policy is to take maximum CCA. During 2018, the following transaction ited a Jeep, a Ferrari and a BMW motorcycle, he drives the Lexus 100 percent for business 246 Chapter 5 Assignment Problems Assignment Problem Five - 5 Do cated to a separate Class 1. involving capital assets take place: purposes. received for each vehicle. The business acquires four new delivery vehicles at a cost of $38,000 each. As part of this purchase, the two vehicles acquired in 2017 are traded in. An allowance of $21,000 is As Bob believes in free speech and has been told repeatedly by his family that he has a very twisted sense of humour, some of his favourite buttons have created social media firestorms. After Bob receives death threats, he decides to terminate his business in 2019 and start a new home security business in Alberta. By December 31, 2019 all of the assets are sold. The proceeds are as follows: Building The building is sold for $903,000, with $220,000 of this value allocated to the land on which the building is situated. Furniture And Fixtures These assets are sold for $53,000. Delivery Vehicles The four delivery vehicles are sold for $34,000 each. Lexus The Lexus is sold for $62,000. Required: Determine the maximum CCA that can be taken in each of the years 2017 through 2019. In your calculations, include and identify the UCC balances for January 1, 2018, January 1, 2019, and January 1, 2020. In addition, indicate any tax effects resulting from the 2018 and 2019 dispositions. Ignor GST/HST considerations. Assignment Problem Five - 6 (Purchase And Sale Of Goodwill) idian nublic company with a taxation year that ends on December 31. It all slasses, On January 1, 2019, Morte (CCA Calculations Over 3 Years) Bob's Buttons is an unincorporated business that began operations on September 1, 2017 buttons to various clients throughout the city of Toronto and online. Clients include pe The owner operator is Bob Pope and his business is selling decorative and parties, retail and online stores, sports teams, and various religious organizations When he began operations in 2017, he acquired the following assets A building to house his operations. The total cost of the building was $362,000, Vang an estimated $220,000 for the land. The building is used exclusively for his business, wil - Furniture and fixtures with a cost of $120.000 - Two customized delivery vehicles at a cost of $36,000 each. As the business has enjoyed early success, on April 1, Bob purchases a $110,000 Lexus He has large logos of the business painted on both sides of the vehicle. Since Bobinet 92 percent of the space being used for manufacturing the buttons. The building is Bob's business policy is to take maximum CCA. During 2018, the following transaction ited a Jeep, a Ferrari and a BMW motorcycle, he drives the Lexus 100 percent for business 246 Chapter 5 Assignment Problems Assignment Problem Five - 5 Do cated to a separate Class 1. involving capital assets take place: purposes. received for each vehicle. The business acquires four new delivery vehicles at a cost of $38,000 each. As part of this purchase, the two vehicles acquired in 2017 are traded in. An allowance of $21,000 is As Bob believes in free speech and has been told repeatedly by his family that he has a very twisted sense of humour, some of his favourite buttons have created social media firestorms. After Bob receives death threats, he decides to terminate his business in 2019 and start a new home security business in Alberta. By December 31, 2019 all of the assets are sold. The proceeds are as follows: Building The building is sold for $903,000, with $220,000 of this value allocated to the land on which the building is situated. Furniture And Fixtures These assets are sold for $53,000. Delivery Vehicles The four delivery vehicles are sold for $34,000 each. Lexus The Lexus is sold for $62,000. Required: Determine the maximum CCA that can be taken in each of the years 2017 through 2019. In your calculations, include and identify the UCC balances for January 1, 2018, January 1, 2019, and January 1, 2020. In addition, indicate any tax effects resulting from the 2018 and 2019 dispositions. Ignor GST/HST considerations. Assignment Problem Five - 6 (Purchase And Sale Of Goodwill) idian nublic company with a taxation year that ends on December 31. It all slasses, On January 1, 2019, Morte

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