Question: Problem 8-4 Modified Accelerated Cost Recovery System (MACRS) (LO 8.2) On June 8, 2021, Holly purchased a residential apartment building. The cost basis assigned

Problem 8-4 Modified Accelerated Cost Recovery System (MACRS) (LO 8.2) On June

Problem 8-4 Modified Accelerated Cost Recovery System (MACRS) (LO 8.2) On June 8, 2021, Holly purchased a residential apartment building. The cost basis assigned to the building is $650,000. Holly also owns another residential apartment building that she purchased on October 15, 2021, with a cost basis of $400,000. Click here to access the depreciation tables. Round your answers to the nearest dollar. a. Calculate Holly's total depreciation deduction for the apartments for 2021 using MACRS. b. Calculate Holly's total depreciation deduction for the apartments for 2022 using MACRS.

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