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lorenzo owns two apartment buildings. he acquired forsythia acres on february 21, 1998, for $300,000 ($90,000 allocated to the land) and square one on november
lorenzo owns two apartment buildings. he acquired forsythia acres on february 21, 1998, for $300,000 ($90,000 allocated to the land) and square one on november 12, 2013 for $800,000 ($100,000 allocated to the land). neither apartment complex qualifies for low income housing. if lorenzo elects to write off the cost of each building as quickly as possible, what is the effect of depreciation (cost recovery) on his amti for a. 1998 b. 2013
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