Question
Turner Corporation uses the calendar year as its tax year. It purchases and places into service $1.97 million of property during 2018 to use in
Turner Corporation uses the calendar year as its tax year. It purchases and places into service $1.97 million of property during 2018 to use in its business:
* $80,000 of the cost pertains to the land on which the apartment building is located.
10.1-20 Full Alternative Text
What is Turners total depreciation deduction for 2018 in each of the following circumstances? Assume that Turner elects out of bonus depreciation.
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Turner does not claim Sec. 179 expensing.
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Turner claims Sec. 179 expensing for $650,000 of the office furnitures cost and $350,000 of the office machinerys cost.
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Turner claims Sec. 179 expensing for $580,000 of the office furnitures cost and $420,000 of the office machinerys cost.
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