2-Part Pelican Corporation Question (These are Entity Tax Questions - no useful life is given)

PT.1

***PT.2 of the Same Question***

Pelican Corporation is a calendar year C Corporation formed in 2017. Pelican purchased a motel property in April 2019 for $8,000,000. The motel land value represented $1,000,000 of the $8,000,000 purchase price. What is the allowable depreciation deductions on the hotel for 2019 and 2020? n purchased a motel property in April 2019 for $8,000,000. The motel land value represented $1,000,000 of the O $145,520 in 2019 and $205,120 in 2020 O $127,330 in 2019 and $179,480 in 2020 O $127,330 in both 2019 and 2020 perty items in 2019: 7 year class assets of $200,000 in April 2019 and 5 year class assets Assuming the same facts in question DEP 1, assume that Pelican also purchased the following personal property items in 2019: 7 year class assets of $200,000 in April 2019 and 5 year class assets of $300,000 in November 2019. Assuming that Pelican elects not to take any Section 179 nor any bonus depreciation in 2019 what is the allowable depreciation on the 5 year class assets and 7 year class assets in 2019? O $28,580 on the five year assets and $60,000 on the seven year assets. X $60,000 depreciation on five year assets and $28,580 on seven year assets $50,000 on the five year assets and $15,000 on the seven year assets O $15,000 on the five year assets and $50,000 on the seven year assets Pelican Corporation is a calendar year C Corporation formed in 2017. Pelican purchased a motel property in April 2019 for $8,000,000. The motel land value represented $1,000,000 of the $8,000,000 purchase price. What is the allowable depreciation deductions on the hotel for 2019 and 2020? n purchased a motel property in April 2019 for $8,000,000. The motel land value represented $1,000,000 of the O $145,520 in 2019 and $205,120 in 2020 O $127,330 in 2019 and $179,480 in 2020 O $127,330 in both 2019 and 2020 perty items in 2019: 7 year class assets of $200,000 in April 2019 and 5 year class assets Assuming the same facts in question DEP 1, assume that Pelican also purchased the following personal property items in 2019: 7 year class assets of $200,000 in April 2019 and 5 year class assets of $300,000 in November 2019. Assuming that Pelican elects not to take any Section 179 nor any bonus depreciation in 2019 what is the allowable depreciation on the 5 year class assets and 7 year class assets in 2019? O $28,580 on the five year assets and $60,000 on the seven year assets. X $60,000 depreciation on five year assets and $28,580 on seven year assets $50,000 on the five year assets and $15,000 on the seven year assets O $15,000 on the five year assets and $50,000 on the seven year assets