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Apartments Inc. acquires for $938,794 and places in service an apartment complex (which includes both a building and land) on June 27, 2023. The value
Apartments Inc. acquires for $938,794 and places in service an apartment complex (which includes both a building and land) on June 27, 2023. The value of the building is 60% of the total purchase price. People will live in the apartment building and will pay Apartments Inc. rent to live in the apartment units. The corporation has taxable income, before any IRC Sect. 179 deduction, of $5,545,745 for the year. What is the amount of depreciation Apartments Inc. can take on the apartment complex in 2023
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