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Required information [The following information applies to the questions displayed below.] Carl purchased an apartment complex for $1.5 million on March 17 of year 1.
Required information [The following information applies to the questions displayed below.] Carl purchased an apartment complex for $1.5 million on March 17 of year 1. of the purchase price, $500,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $64,000. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Enter your answers in dollars and not in millions of dollars.) a. What is Carl's allowable depreciation deduction for his real property for years 1 and 2? (Round your final answers to the nearest whole dollar amount.) Depreciation Deduction Year 1 Year 2
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