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On November 10 of year 1 Reagan purchased a building, including the land it was on, to assemble his new equipment. The total cost of
On November 10 of year 1 Reagan purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,200,000; $100,000 was allocated to the basis of the land and the remaining $1,100,000 was allocated to the basis of the building. Using MACRS, what is Reagans depreciation deduction on the building for year 2?
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