On January 1, 2020, Michaels Inc. acquires a used property at a cost of $4,200,000. Of this amount, $375,000 represents the fair market value of the land. In order to encourage Michaels' move to this location, the local government has given them $1,100,000 to assist in the acquisition of the building. Michaels Inc. has a December 31 year end. What is the maximum amount of CCA that Michaels can deduct on this building for 2020?

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The Answer of On January 1, 2020, Michaels Inc. acquires a used property at a cost of $4,200,000. Of this amount, $375,000 represents the fair market value of the land. In order to encourage Michaels' move to this location, the local government has given them $1,100,000 to assist in the acquisition of the building. Michaels Inc. has a December 31 year end. What is the maximum amount of CCA that Michaels can deduct on this building for 2020?