ADMS 3520 Lecture Notes - Lecture 1: Fax, Intangible Property, Intangible Asset

• School: York University
• Department: Administrative Studies
• Course: ADMS 3520
• Professor: j

Document Summary

Lecture 3: depreciable property and eligible capital property. Use the lecture note for studying; if you think you need more materials please search for relevant materials in. Self-study problems 5-1 (a only), 5-2, 5-5, 5-7. Ita differentiates between capital property and items that can be deducted in the year that they are purchased. Capital property has an economic life longer than one year. According to the case law, it has an enduring benefit . There are three types of capital property: depreciable property, eligible capital property, and non-depreciable capital property. Eligible capital property [ita 54] intangible property with an indefinite life that goes down in value over time, e. g. incorporation costs, purchased goodwill and unlimited life licenses or franchises. No deduction can be claimed for capital property. Unless it is specifically allowed by the ita due to ita 18(1)(b) Ita 20(1)(a) and 20(1)(b) allows a deduction (discussed below)