ACCOUNTING 306-Jean Brochet uses an automobile in his
Question # 00565499
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Updated on: 07/24/2017 06:11 AM Due on: 07/24/2017
Jean Brochet uses an automobile in his unincorporated business. It cost $53,000 in 2014, with maximum CCA being deducted in that year. The purchase was financed with a bank loan of $37,000. For 2015, the interest on this loan was $4,440. The automobile is used exclusively for business purposes, with the 2015 operating costs totaling $7,500. In determining his 2015 business income, his maximum automobile related deduction will be:
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Solution: ACCOUNTING 306-Jean Brochet uses an automobile in his