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7. On July 2, 2020, Sam acquired, and placed into service, a 7-year business asset costing $60,000. The only other acquisition made during the year
7. On July 2, 2020, Sam acquired, and placed into service, a 7-year business asset costing $60,000. The only other acquisition made during the year was a non-residential building purchased on July 5 that cost Sam $500,000. $125,000 of the purchase was allocated to land. Sam did not elect Sec. 179 expensing. Calculate the total depreciation for the year. (10 points)
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