Alice Baxter acquires a residential property on May 1, 2020. The total cost of the property is $385,000, with $95,000 of this total being allocated to the land. She spends $3,500 to paint the interior and exterior of the building. During 2020, rents total $29,000 and expenses other than CCA and the cost of painting total $20,100. Determine the maximum CCA that is available for 2020. In addition, determine Ms. Baxter's minimum net rental income for the year.

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The Answer of Alice Baxter acquires a residential property on May 1, 2020. The total cost of the property is $385,000, with $95,000 of this total being allocated to the land. She spends $3,500 to paint the interior and exterior of the building. During 2020, rents total $29,000 and expenses other than CCA and the cost of painting total $20,100. Determine the maximum CCA that is available for 2020. In addition, determine Ms. Baxter's minimum net rental income for the year.

Alice Baxter Acquires a Residential Property on May 1, 2020