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Problem: CCA - Blake Incorporated
Blake Inc. leased office space for business use in 2003. The terms of the lease include a 5 year initial term with 2 options for renewal of 2 years each. The annual rental charge for the lease is $120,000 including parking. During 2004, Blake undertook significant improvements to the leased office space, incurring costs of $80,000. Further improvements were made in 2005 at a cost of $20,000.
Required:
a. Calculate the amount of CCA that Blake may claim in relation to the leasehold for 2005.
b. Blake anticipates further improvements in 2006 in the amount of $10,000 and wishes to know the amount of CCA which would be deductible in 2006.
Gold Company was experiencing financial difficulties, but was not bankrupt or insolvent. The National Bank, which held a mortgage on other real estate owned by Gold, reduced the principal from $110,000 to $85,000.
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