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In January of the current year, Mrs. Black purchased an office building and used office furnishings. The used office furnishings consisted of chairs, desks, and
In January of the current year, Mrs. Black purchased an office building and used office furnishings. The used office furnishings consisted of chairs, desks, and file cabinets. Of the purchase price, $900,000 was allocated to the office building and $50,000 was allocated to the used office furnishings. According to the General Depreciation System (GDS) under MACRS for depreciation, what recovery period must she use for the purchased items
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