Question
Grape Pack Corp bought a $600,000 apartment building in June of 2020 . Of the purchase price, $104,950 is allocated to the value of the
Grape Pack Corp bought a $600,000 apartment building in June of 2020. Of the purchase price, $104,950 is allocated to the value of the land. What is the maximum amount of depreciation that the company can claim in 2021 (Year 2) for the building?
a.You cannot depreciate property costing over $500,000
b.$9,752
c.$21,816
d.$25,000 under the election to expense business property
e.$18,000
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CPA Excel Auditing And Attestation
Authors: Robert A. Prentice
1st Edition
0977165876, 978-0977165872
