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show step by step please! J contributed rental real estate to JD Partners with a tax basis of $300,000 and a fair market value of

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J contributed rental real estate to JD Partners with a tax basis of $300,000 and a fair market value of $900,000. The property is 27.5 -year property with 15 years left in its depreciable life for tax purposes. The partnership uses the straight-line method to compute depreciation expense for book and tax purposes. Answer the following questions. Show your work and label your answers. a. Compute tax and book depreciation for year 1 assuming the partnership uses the traditional method with curative allocations under Code Sec, 704(c), b. What is the amount of the discrepancy caused by the ceiling rule? Explain the ceiling rule and why the discrepancy exits. c. What can the partnership do to "cure" the discrepancy caused by the ceiling rule

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