On May 8, 2015, Holly purchased a residential apartment building. The cost basis assigned to the building

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On May 8, 2015, Holly purchased a residential apartment building. The cost basis assigned to the building is $800,000. Holly also owns another residential apartment building that she purchased on October 15, 2015, with a cost basis of $500,000.

a. Calculate Holly's total depreciation deduction for the apartments for 2015 using MACRS.

b. Calculate Holly's total depreciation deduction for the apartments for 2016 using MACRS.

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Income Tax Fundamentals 2016

ISBN: 9781337343527

34th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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Question Posted: Sep 11, 2016 11:42 AM

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On May 8, 2015, Holly purchased a residential apartment building. The cost basis assigned to the building

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Income Tax Fundamentals 2016

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