Determine the maximum cca deduction that can be taken

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Problem 1: Ms. Linda Smith acquires a residential property in July, 2020 at a total cost of $315000. Of this total, $45000 can be allocated to the value of the land. The building goes in class 1 at a 4% CCA rate. It is eligible for the accelerated investment incentive. Rents for the 2020 year total $76000, while rental expenses other than CCA total $12000. This is the only rental property owned by Ms. Smith. Determine the maximum CCA deduction that can be taken for 2020.

Reference no: EM132818274

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