4. Mike Brady purchased an office building on April 12, 2019, for a total of $2.5 million of which $350,000 was the value of the land on which the office building was located.

Also, Mike purchased 7-year class new business equipment for $54,500 on May 11, 2019. He elects not to immediately expense the equipment under 179 and elects not to take the additional first-year depreciation. Mike purchased no other business assets during 2019.

1. Determine Mikes depreciation on the office building for 2019.

b. Determine Mikes depreciation on the equipment for 2019.

c. If Mike sells the office building on October 29, 2024, how much depreciation deduction will Mike take for the office building for 2024?

d. If Mike sells the equipment on September 13, 2022, how much depreciation deduction will Mike take for the equipment for 2022?