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Please help me, how to calculate these depreciation for individual tax return? 1.On March 20, Phillip moved his business out of the old offices at
Please help me, how to calculate these depreciation for individual tax return?
1.On March 20, Phillip moved his business out of the old offices at 1103 Allium Lane into a newly constructed and equipped office on Grove Street. Phillip sold the old office building and all its furnishings. Phillip's expenditures for the new office building are as follows:
Date Acquired Asset Cost
3/20
Land
$300,000
3/20
Office building
2,500,000
3/20
Furniture
200,000
4/1
Computer system
350,000
6/1
Artwork
150,000
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