Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please Hurry begin{tabular}{|c|c|c|} hline Month & Month & Month hline 10 & 11 & 12 hline 0.535% & 0.321% & 0.107% hline

please Hurry image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
\begin{tabular}{|c|c|c|} \hline Month & Month & Month \\ \hline 10 & 11 & 12 \\ \hline 0.535% & 0.321% & 0.107% \\ \hline 564 & 2.564 & 2.564 \\ \hline & & 113 \\ \hline 2.033 & 2.247 & 2.461 \\ \hline \end{tabular} TABLE 5 Nonresidential Real Property Mid-Month Convention Straight Line- 39 Years (for assets placed in service on or after May 13, 1998) Month Property Placed in Service Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \begin{tabular}{ll} 39 & 2.564 \end{tabular} & 2.564 & 2.564 & 2.564 & 2.564 & 2.564 & 2.564 & 2.564 & 2.564 \\ \hline Year 400.107 & 0.321 & 0.535 & 0.749 & 0.963 & 1.177 & 1.391 & 1.605 & 1.81 \\ \hline \end{tabular} On November 10 of year 1 , Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $2,000,000; $600,000 was allocated to the basis of the land and the remaining $1,400,000 was allocated to the basis of the building (10). The MACRS table is below question 03, part B. What is the first year depreciation if the building was placed in service in January of that year (10)? What is the depreciation deduction in the year the building is sold (5)? \begin{tabular}{|c|c|c|} \hline Month & Month & Month \\ \hline 10 & 11 & 12 \\ \hline 0.535% & 0.321% & 0.107% \\ \hline 564 & 2.564 & 2.564 \\ \hline & & 113 \\ \hline 2.033 & 2.247 & 2.461 \\ \hline \end{tabular} TABLE 5 Nonresidential Real Property Mid-Month Convention Straight Line- 39 Years (for assets placed in service on or after May 13, 1998) Month Property Placed in Service Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \begin{tabular}{ll} 39 & 2.564 \end{tabular} & 2.564 & 2.564 & 2.564 & 2.564 & 2.564 & 2.564 & 2.564 & 2.564 \\ \hline Year 400.107 & 0.321 & 0.535 & 0.749 & 0.963 & 1.177 & 1.391 & 1.605 & 1.81 \\ \hline \end{tabular} On November 10 of year 1 , Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $2,000,000; $600,000 was allocated to the basis of the land and the remaining $1,400,000 was allocated to the basis of the building (10). The MACRS table is below question 03, part B. What is the first year depreciation if the building was placed in service in January of that year (10)? What is the depreciation deduction in the year the building is sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser, Jay Thibodeau

8th International Edition

1260570517, 978-1260570519

More Books

Students also viewed these Accounting questions