Question
On February 8, 2018, Holly purchased a residential apartment building. The cost basis assigned to the building is $209,000. Holly also owns another residential apartment
On February 8, 2018, Holly purchased a residential apartment building. The cost basis assigned to the building is $209,000. Holly also owns another residential apartment building that she purchased on December 15, 2018, with a cost basis of $588,000.
Click here to access the depreciation tables.
If required, round intermediate calculations and final answers to nearest dollar.
a. Calculate Holly's total depreciation deduction for the apartments for 2018 using MACRS. $
b. Calculate Holly's total depreciation deduction for the apartments for 2019 using MACRS.
$
Calculate the following:
Click here to access the various depreciation tables. If required, round your final answers to the nearest dollar. If your answer is zero, enter "0".
a. The first year of depreciation on a residential rental building costing $200,000 purchased July 2, 2018. $
b. The second year (2019) of depreciation on a computer costing $5,000 purchased in May 2018, using the half-year convention and accelerated depreciation considering any bonus depreciation taken. $
c. The first year of depreciation on a computer costing $2,800 purchased in May 2018, using the half-year convention and straight-line depreciation with no bonus depreciation. $
d. The third year of depreciation on business furniture costing $8,000 purchased in March 2016, using the half-year convention and accelerated depreciation but no bonus depreciation. $
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