My client traded in a vehicle in 2008.
The vehicle was a one ton pickup purchased in 05 and used in clients farm business 100% through 2006. In 2007 the client rolled assets into family partnership. The truck was kept out of the assets rolled into the partnership. In 2007 client charged partnership mileage for use of the truck. In 2008 my client used the truck for the partnership business, and then traded it in on a new truck.
Would this be correct way to calculate ACB:
Cost: $50,000
Depn' allowed: 2005-2006 22323
2007 depn 20,000x .19=3800
ACB: $23,877
The vehicle was a one ton pickup purchased in 05 and used in clients farm business 100% through 2006. In 2007 the client rolled assets into family partnership. The truck was kept out of the assets rolled into the partnership. In 2007 client charged partnership mileage for use of the truck. In 2008 my client used the truck for the partnership business, and then traded it in on a new truck.
Would this be correct way to calculate ACB:
Cost: $50,000
Depn' allowed: 2005-2006 22323
2007 depn 20,000x .19=3800
ACB: $23,877