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Rushmore Ltd., with a tax year that ends on Dec 31, has a class 10 (.pdf

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Rushmore Ltd., with a tax year that ends on Dec 31, has a class 10 (30%) UCC balance on January 1, 2020 of $66000. During 2020, it acquired 20 class 10 cars that are eligible for the accelerated investment incentive. The total cost of all the cars was $160000. The Company also disposes of 15 cars for total proceeds of $72000. In no case did the proceeds of disposition exceed the capital cost of the vehicle being disposed of. Determine the maximum Class 10 CCA that Rushmore Ltd. can deduct for 2020..

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Rushmore Ltd., with a tax year that ends on Dec 31, has a class 10 (30%) UCC balance on January 1, 2020 of $66000. During 2020, it acquired 20 class 10 cars that are eligible for the accelerated investment incentive. The total cost of all the cars was $160000. The Company also disposes of 15 cars for total proceeds of $72000. In no case did the proceeds of disposition exceed the capital cost of the vehicle being disposed of. Determine the maximum Class 10 CCA that Rushmore Ltd. can deduct for 2020.

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  • 1. Rushmore Ltd., with a tax year that ends on Dec 31, has a class 10 (30%) UCC balance on January 1, 2020 of $66000. During 2020, it acquired 20 class 10 cars that are eligible for the accelerated investment incentive. The total cost of all the cars was $160000. The Company also disposes of 15 cars for total proceeds of $72000. In no case did the proceeds of disposition exceed the capital cost of the vehicle being disposed of. Determine the maximum Class 10 CCA that Rushmore Ltd. can deduct for 2020.