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Hamlet acquires a 7-year class asset on November 23, 2021, for $382,200 (the only asset acquired during the year). Hamlet does not elect immediate
Hamlet acquires a 7-year class asset on November 23, 2021, for $382,200 (the only asset acquired during the year). Hamlet does not elect immediate expensing under 179. He does not claim any available additional first year depreciation. This is Hamlet's only tangible personal property acquisition for the year. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Hamlet's cost recovery deduction for 2021 and 2022. 2021: 27,550 X 2022: 27,550 X Lopez acquired a building on June 1, 2016, for $8,593,900. 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 2021 if the building is classified as residential rental real estate. 3,124,742 X b. Calculate Lopez's cost recovery deduction for 2021 if the building is classified as nonresidential real estate. 25,640 X
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