On October 20 of the current year, a company with a December 31 year-end purchases a factory for $150,000, which includes $50,000 for the land. What is first-year depreciation for this asset under MACRS? a. $535 b. $53,500 c. $111 d. $2,461 Which of the following is not subject to annual IRS depreciation limits? a. An unmodified company van weighing 5,000 pounds b. An unmodified company van weighing 7,500 pounds c. A company car used by the company's sales manager d. A company car used by the company's president