Lorenzo owns two apartment buildings. He acquired Forsythia Acres on February 21, 1998, for $300,000 ($90,000 allocated
Question:
Lorenzo owns two apartment buildings. He acquired Forsythia Acres on February 21, 1998, for $300,000 ($90,000 allocated to the land) and Square One on November 12, 2015, for $800,000 ($100,000 allocated to the land). Neither apartment complex qualifies as low-income housing. If Lorenzo elects to write off the cost of each building as quickly as possible, what is the effect of depreciation (cost recovery) on his AMTI for:
a. 1998?
b. 2015?
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a Lonzo must recognize a positive AMT adjustment if the regular MACRS deduction Exhibit 89 exceeds the AMT deduction Exhibit 810 Forsythia Acres x 199...View the full answer
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Related Book For 
South Western Federal Taxation 2016 Comprehensive
ISBN: 9781305395114
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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