1. Your company just bought property consisting of land and a building to use for manufacturing. It was purchased for $175,000 with the land appraised at $75,000 You bought the property on Aug 20t% of 2015. It was sold in 2017 on Dec 1t for $180,000. The land was still appraised at $75,000. a) (I pt) What can be depreciated for tax purposes on this purchase? Circle the correct answer. Land Building Land and Building b) (3 pts) What is the depreciation amount that can be deducted from the company's business income to reduce taxable income in i) 2015 1) 2016 i11) 2017 c) (2 pts) If the business income tax rate is 20% and the capital gain tax rate is 15%, how much extra tax (beyond the income tax on profits) must be paid when the property is sold (2017)? STADOS UNIDOS up 1. Your company just bought property consisting of land and a building to use for manufacturing. It was purchased for $175,000 with the land appraised at $75,000 You bought the property on Aug 20t% of 2015. It was sold in 2017 on Dec 1t for $180,000. The land was still appraised at $75,000. a) (I pt) What can be depreciated for tax purposes on this purchase? Circle the correct answer. Land Building Land and Building b) (3 pts) What is the depreciation amount that can be deducted from the company's business income to reduce taxable income in i) 2015 1) 2016 i11) 2017 c) (2 pts) If the business income tax rate is 20% and the capital gain tax rate is 15%, how much extra tax (beyond the income tax on profits) must be paid when the property is sold (2017)? STADOS UNIDOS up