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On May 1, 2008, Empire Properties Corporation, a calendar-year taxpayer, purchased an apartment building for $1,200,000 of which $400,000 was allocable to the land. The
On May 1, 2008, Empire Properties Corporation, a calendar-year taxpayer, purchased an apartment building for $1,200,000 of which $400,000 was allocable to the land. The corporation sold the apartment building this year on September 23, 2016. Give the corporation's allowable depreciation for the apartment building in both the year of purchase (2008) and the year of sale (2016).
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