5. On August 23, 2016, Donald Dawson purchased a small apartment building for $1,200,000, of which $300,000 was allocated to the land on which the building was located. The estimated life of the building was 40 years, with a salvage value of $450,000. What is Donald's allowable depreciation for year 2020? A $12,280 B 43,630 16,360 23,080 None of the above D E Do not assume that a taxpayer makes an IRC 179 election or uses bonus depreciation unless a problem so states. For each question you answer, insert in the appropriate space on the separate answer sheet the letter which indicates the correct response. Please note than all final answers have been rounded to the nearest $10