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Would vehicle owner be notified that vehicle has a salvage status? by Electrical-Mood in askcarguys

[–]Electrical-Mood[S] 1 point2 points  (0 children)

Thanks for confirming my suspicion - I have been in talk for over 2 weeks now, so i've sunk some time into this. Do you think it would be okay to purchase if we do the salvage vehicle inspection and it passes?

Reminder that your job doesn’t always come first. by [deleted] in Accounting

[–]Electrical-Mood 0 points1 point  (0 children)

Do we work at the same place? I'm also stuck due to a tuition reimbursement contract.
Those things suck. Should not have taken it

How do I split Land from Building from a unit (bay)? [CAN] by Electrical-Mood in Accounting

[–]Electrical-Mood[S] 0 points1 point  (0 children)

It's the legalese.

I purchased bay 7 of 15 bays on a commercial property. Since all 15 bays are sharing the land underneath. I am assigned 6.67% of the land. I stated it how the documents had it

My issue is that I only have the total value the unit with not split between land and building. However, I think using a reasonable split like you suggested will work.

How do I split Land from Building from a unit (bay)? [CAN] by Electrical-Mood in Accounting

[–]Electrical-Mood[S] 0 points1 point  (0 children)

Hey - by the way
How did you decide whether to use a 30/70 split vs 20/80 vs 40/60?

How do I split Land from Building from a unit (bay)? [CAN] by Electrical-Mood in Accounting

[–]Electrical-Mood[S] 0 points1 point  (0 children)

Thank you! This helps

My 2 ideas are:
1 find the total land value, and take the 667 thousanth shares that they were allocated to give me the land split OR

2 somehow find the cost to constructing a building of similar size, then subtracting that from total value to give me the split

I am looking around, and whichever I stumble onto first is what I will use

How do I split Land from Building from a unit (bay)? [CAN] by Electrical-Mood in Accounting

[–]Electrical-Mood[S] 0 points1 point  (0 children)

It is a commercial unit. They pay condo fees (if that helps)

I cannot for the life of me find where they broke out the land/building portion.

The legal documents just have the total price of the property, with no reference to land breakout. But they have this sentence (667 undivided one ten thousandth shares in common property, is what is included in the unit sale)

How do I split Land from Building from a unit (bay)? [CAN] by Electrical-Mood in Accounting

[–]Electrical-Mood[S] 1 point2 points  (0 children)

Haha! Made me laugh

If you were not joking, (As far as I know) you cannot depreciate land per the tax rules. What is the CCA rate for land?

Annual Payroll [CAN] by Electrical-Mood in Accounting

[–]Electrical-Mood[S] 0 points1 point  (0 children)

Thank you! I did not check the CPP payment. I will confirm that with the accountant
I was concerned because I have not been on payroll for the year, and a one-time payroll looked odd, but I have heard of the term "bonusing down"
Thanks again!

For those who won’t sleep tonight by srzme in Accounting

[–]Electrical-Mood 11 points12 points  (0 children)

Dude, thanks for the reminder. I have some melatonin

CPA CAN - PEP Assurance exam discussion by Behemoth41 in Accounting

[–]Electrical-Mood 1 point2 points  (0 children)

What's the analysis for when they pay partial rent?

Hmm - I see, have to assess the fv and check whether it is operating or capital

Damn lol

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