John Johnston has owned a triplex for a number of years and, throughout this period,...
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Accounting
John Johnston has owned a triplex for a number of years and, throughout this period, all three of the units were rented. In determining his income from this property, he deducted maximum CCA in each year. During the current year, John Johnstons son moved into one of the three units and, as a result, John Johnston will be reporting reduced rental revenue on his income tax return. Since John Johnston has not sold any property, he will not report any capital gains or losses for the current year.
indicate if the treatment is correct with justification
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