Solution-What would be asset class and amount

What would be asset class and amount

Reference no: EM132758517

Question: Canadian taxation:

A couple of years ago, Ms. Smith received an inheritance and she decided to use that money to purchase two condominium units in the same development. Both units are finalized on January 2, 2018 and they were both rented out for the entirety of the 2018 taxation year.

1. Should Unit 1 be treated as capital asset? If yes, what would be asset (CCA) class and amount?

2. Should Unit 2 be treated as capital asset? If yes, what would be the asset (CCA) class and amount?

Reference no: EM132758517

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What would be asset class and amount

Reference no: EM132758517

Reference no: EM132758517

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