Mamie Hanson converts her principal residence into a rental property. This property had cost $850,000 several years ago. It is converted on January 1, 2019 and, at that time, it is estimated that the value of the property has increased to $ 1,100,000. At this time the value of the land is unchanged at $400,000. Provided her rental income before CCA is more than this amount, what is the maximum CCA that Mamie can claim for 2019? A. $48,000. B. $32,000. C. $44,000. D . $22,000
Mamie Hanson converts her principal residence into a rental property. This property had cost $850,000 several years ago. It is converted on January 1, 2019 and, at that time, it is estimated that the value of the property has increased to $ 1,100,000. At this time the value of the land is unchanged at $400,000. Provided her rental income before CCA is more than this amount, what is the maximum CCA that Mamie can claim for 2019? A. $48,000. B. $32,000. C. $44,000. D . $22,000
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 36P
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Transcribed Image Text:Mamie Hanson converts her principal residence into a rental property. This property had cost $850,000 several years
ago. It is converted on January 1, 2019 and, at that time, it is estimated that the value of the property has increased to $
1,100,000. At this time the value of the land is unchanged at $400,000. Provided her rental income before CCA is more
than this amount, what is the maximum CCA that Mamie can claim for 2019? A. $48,000. B. $32,000. C. $44,000. D
. $22,000
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