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A-E Required information Problem 10-51 (LO 10-2) (Algo) [The following information applies to the questions displayed below.] On May 12 of year 1, Javier purchased
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Required information Problem 10-51 (LO 10-2) (Algo) [The following information applies to the questions displayed below.] On May 12 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,495,000;$450,000 was allocated to the basis of the land and the remaining $1,045,000 was allocated to the basis of the building. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Problem 10-51 Part a (Algo) a. Using MACRS, what is Javier's depreciation deduction on the bullding for years 1 through 3 ? Answer is complete but not entirely correct. Required information Problem 10-51 (LO 10-2) (Algo) [The following information applies to the questions displayed below] On May 12 of year 1, Javier purchased a bullding, Including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,495,000;$450,000 was allocated to the basis of the land and the remaining $1,045,000 was allocated to the basis of the building. (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Problem 10-51 Part b (Algo) b. What would be the year 3 depreciation deduction if the building was sold on March 11 of year 3 ? Required information Problem 10.51 (LO 10-2) (Algo) [The following information applies to the questions displayed below.] On May 12 of year 1 , Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,495,000;$450,000 was allocated to the basis of the land and the remaining $1,045,000 was allocated to the basis of the bulding. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Problem 10-51 Part c (Algo) c. Assume the building was purchased and placed in service on March 15 instead of May 12. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3 ? Required information Problem 10-51 (LO 10-2) (Algo) [The following information applies to the questions displayed below] On May 12 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,495,000;$450,000 was allocated to the basis of the land and the remaining $1,045,000 was allocated to the basis of the building. (Use MACRS Table 1, Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Problem 10-51 Part d (Algo) Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 rrough 3 ? Required information Problem 10-51 (LO 10-2) (Algo) [The following information applies to the questions displayed below] On May 12 of year 1, Javier purchased a building. including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,495,000:$450,000 was allocated to the basis of the land and the remaining $1,045,000 was allocated to the basis of the building. (Use MACRS Table1, Table. 2 . Table 3 , Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Problem 10-51 Part e (Algo) W. What would be the depreciation for 2022, 2023, and 2024 if the property were nonresidential property purchased and placed in service May 12, 2005 (assume the same original basis) Step by Step Solution
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