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G
groobi
Level 4
April 26, 2023
Question

One corporation with 2 locations of business

  • April 26, 2023
  • 1 reply
  • 2 views

My client was running a hair salon and recently purchased a second hair salon at a different location. The same corporation purchased the assets of the second location. On S8, should I separate classes for each asset?

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1 reply

J
janisbossenberry
Level 7
April 26, 2023

Unless you are talking about buildings (which must be in separate classes if over $50,000), then the assets get pooled in most cases.  For example, Class 8 assets get pooled.  Leasehold improvements would be separate classes due to different lease expiry dates.

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