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On October 1, 2022, Veronica purchased a business, Of the purchase price, $152,000 is allocoted to a patent and s912,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Caiculate Vernica 920225197 amortization deduction. In 2019 , Jose purchased a house for $185,000. He used the house as his personal residence. In January 2022 , when the fair market value of the house was $304,000, he converted the house to rental property. If required, round your answers to the nearest dollar. Click here to access depreciation tables in the textbook. a. Jose's basis for cost recovery for the property is s b. Under MACRS, the cost recovery period for residential rental real estate is convention. years, and it is subject to the c. The cost recovery for 2022 is s Debra acquired the following new assets during 2022; Debra does not elect immediate expensing under 5 179. She does not claim any avallable additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation tables to use for this problem. a. What MACRS convention applies to the assets? b. What class of property is each asset for MACRS? Furniture: Trucks: Computers: c. The cost recovery deductions for the current year is: On August 2, 2022, Wendy purchased a new office buliding for $3,800,000. On October 1, 2022, she began to rent out office space in the bullding. On July 15, 2026, Wendy sold the office building. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. What MACRS convention applies to the new office bulliing? b. What is the life of the asset for MACRS? c. Determine Wendy's cost recovery deduction for 2022 and 2026 . 2022: 5 2026