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For the following scenario, determine the total depreciation amount for 2023 assuming the taxpayer opted out of Sec. 179 and bonus if they were available
For the following scenario, determine the total depreciation amount for 2023 assuming the taxpayer opted out of Sec. 179 and bonus if they were available in the year of purchase. In addition, assume all taxpayers use a calendar year tax period and that the property mentioned was the only property purchased in the year of acquisition.
Fill in the blank: A bank purchased a new building for its headquarters, totaling $2 million on April 1, 2020. Total depreciation for 2023 is $_______.
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