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Calculate current year depreciation or amortization for the following assets. Assume each is the only asset placed in service and the taxpayer wishes to
Calculate current year depreciation or amortization for the following assets. Assume each is the only asset placed in service and the taxpayer wishes to maximize depreciation expense. Ignore any business income limitations. Placed in Service Date 23-Apr 4-Aug 4-Jun 1-May 1-Sep Cost 800,000 Asset apartment building 1,000,000 strip mall 50,000 100,000 60,000 computer system 10 year covenant not to compete goodwill ** the covenant not to compete and goodwill were associated with the purchase of a business
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