Congratulations on your appointment as a Tax Trainee at a recognized audit firm in Jamaica. On your first assignment you

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Congratulations on your appointment as a Tax Trainee at a
recognized audit firm in Jamaica. On your first assignment your
supervisor asked you to assist him with the income tax computation
of a small business in the tourism sector. The company provided the
following information: Allen’s Rest Well Resort is a resort cottage
located incorporated in Jamaica. The company is a registered
tourism operator under the Tourist Board Act. The hotel commenced
operations on the 1 January 2019. Fixed Assets Cost (J$) TWDV (J$)
Building (hotel) 100,000,000 72,000,000 Furnitures 8,000,000
6,000,000 Computers (laptops and CPUs) 1,000,000 500,000 Computers
(printers and monitors) 500,000 375,000 Motor Cars # 1 purchased in
July 2019 # 2 purchased January 2019 3,000,000 2,500,000 2,437,500
1,875,000 Bus and Vans (purchased 1 January 2019) 8,00,0000 480,000
The following acquisitions and disposal occurred in 2021: 1. A
Corolla motor car purchased for $3,000,000. Acquired 1 April 2021.
2. A BMW for $10,000,000. Acquired 1 November 2021. 3. A new
building constructed for $30,000,000 4. Laptop for $100,000 5.
Purchase of a telephones for $950,000. 6. The company Motor car #1
was sold for $2,700,000 Assume the relevant exchange Rate is
US$152: J$
1 Required Calculate the capital allowance computation for
Allen’s Rest Well Resort for 2021