Exercise 8 - 2 1 ( Algorithmic ) ( LO . 2 ) Lopez acquired a building
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Question:
Exercise AlgorithmicLO
Lopez acquired a building on June for $ Compute the depreciation deduction assuming the building is classified as a
residential and b non residential.
Click here to access the depreciation table to use for this problem.
If required, round your answers to the nearest dollar.
a Calculate Lopez's cost recovery deduction for if the building is classified as residential rental real estate.
$
b Calculate Lopez's cost recovery deduction for if the building is classified as nonresidential real estate.
$
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Under the modified accelerated cost recovery system MACRS the cost of an asset is recovered over a predetermined period that generally is
shorter than the useful life of the asset or the period that the asset is used to produce income. The MACRS rules were designed to encourage
investment, improve productivity, and simplify the pertinent law and its administration.
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