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Tom Tom LLC purchased a rental house and land during the current year for $190,000. The purchase price was allocated as follows: $120,000 to the
Tom Tom LLC purchased a rental house and land during the current year for $190,000. The purchase price was allocated as follows: $120,000 to the building and $70,000 to the land. The property was placed in service on May 22. Calculate Tom Tom's maximum depreciation for this first year: (Instruction: Round final answer to whole number.)
$1,926
$2,728
$3,050
$4,319
None of these
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