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6. Kevin purchased a factory building sitting on 3 acres of land on April 15, 2013, for $4,500,000. Land in the vicinity of the
6. Kevin purchased a factory building sitting on 3 acres of land on April 15, 2013, for $4,500,000. Land in the vicinity of the factory building was selling for $100,000 per acre in 2013. Kevin elected to use MACRS depreciation (same MACRS rate table as applicable in 2020), and made no election to use 179 or additional first year depreciation in 2013. She sells the factory building on July 2, 2020. Determine Kevin's depreciation deduction on this building for 2020.
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
18th edition
538479736, 978-1111534783, 1111534780, 978-0538479738
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