Question
On September 8, 2016, Holly purchased a residential apartment building. The cost basis assigned to the building is $197,400. Holly also owns another residential apartment
On September 8, 2016, Holly purchased a residential apartment building. The cost basis assigned to the building is $197,400. Holly also owns another residential apartment building that she purchased on October 15, 2016, with a cost basis of $715,000.
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 2016 using MACRS. $
b. Calculate Holly's total depreciation deduction for the apartments for 2017 using MACRS. $
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Auditing and Assurance Services
Authors: Timothy Louwers, Allen Blay, David Sinason, Jerry Strawser, Jay Thibodeau
7th edition
978-1259573286, 1259573281, 978-1260152166
