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Please be sure that your answer is correct, If you do not know the answer, do not give me wrong answer thank you :)
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5. On August 23, 2016, Donald Dawson purchased a small apartment building for $1,200,000, of which $300,000 was allocated to the land on which the building was located. The estimated life of the building was 40 years, with a salvage value of $450,000. What is Donald's allowable depreciation for year 2020? A $12,280 B 43,630 C 16,360 D 23,080 E None of the above 6. On May 11, 2020, Corp A purchased and placed in service an office building for $220,000, of which $30,000 was allocated to the land on which the building was located. The building's salvage value was estimated to be $50,000. What amount will Corp. A deduct for depreciation on its 2020 federal income tax return, assuming that Corp. A reports on a calendar year? A. $ 3,590 B. 3,050 C. 3,530 D. 4,360 E. None of the above Do not assume that a taxpayer makes an IRC 179 election or uses bonus depreciation unless a problem so states. For each question you answer, insert in the appropriate space on the separate answer sheet the letter which indicates the correct response. Please note than all final answers have been rounded to the nearest $10Step by Step Solution
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