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Problem (4): On September 1st, you purchased a residential home in which to locate your professional office for $180,000. The appraisal is divided into $30,000
Problem (4): On September 1st, you purchased a residential home in which to locate your professional office for $180,000. The appraisal is divided into $30,000 for the land and $150,000 for the building. a) How much can you deduct for depreciation for tax purposes in the first year of ownership? b) Suppose that you will sell the property at 197,000 at the end of the 5th year of ownership. What is the book value of the property at the end of each year of the 5 years
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