I suggest you use the full ACB in the CCA schedule. Based on the ownership it should calculate based on 1/3. Test it to see the result. Always review the end result of course to make sure it makes sense.
The opening UCC needs to be the individual's balance from the prior year. The ACB needs to be the original amount from which CCA has been taken. Then "to whom the CCA should be allocated" use the partner selection. Now I suspect you will experience a Recapture of CCA, which is added as income, as well as a capital gain. Calculate the return and review the results specifically for the CCA schedule.
Hi IIyfan. To start what you have is probably a co-ownership and not a partnership so don't use the partnership percentage areas. Use co=ownership only. If the property is specifically rental and had no principal residence situation in the past you can have the gain calculated using the rental schedule (both land and building). The gains should then transfer to Schedule 3. Entering the data completely in the rental schedule for ACB, expenses for sale and disposition price should send the gain to Schedule 3 in the respective co-ownership %. So if all is owned equally you should see a gain of 1/3 on your return's Schedule 3 for both land and building then the 50% taxable capital gain should be transferred from Schedule 3 to your tax return. In the rental schedule data entry select as type of ownership "Co-ownership". % personal use as zero, share of ownership as 33.33% if owned equally. In the CCA data entry schedules (building and land schedules) enter the data as requested making sure you complete the area for ACB, Down further say Yes to Did you dispose of an asset?, which opens up some additional fields to complete. Ask to Calculate the capital gain and finally respond to the last question concerning liquidating all the assets in the class (if there was only the one). Do the same for the land schedule as well. The gain will be controlled by the co-ownership % on the rental statement. Review Schedule 3 after calculating/viewing the return.
