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Julia Wallace, a professional violinist with Lincoln Symphony Orchestra, purchased a 200-year-old antique violin at a cost of $970,000. She thinks that it is a
Julia Wallace, a professional violinist with Lincoln Symphony Orchestra, purchased a 200-year-old antique violin at a cost of $970,000. She thinks that it is a good investment because she knows that it will continue to appreciate in value as a treasured work of art. She plans to use this violin in concerts and wants to know if she can depreciate it as a business-use asset. Prepare a letter memo for the tax file documenting your conclusions.
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