Steve Corp bought a $600,000 apartment building in June of 2015. Of the purchase price, $104,950 is
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Question:
Steve Corp bought a $600,000 apartment building in June of 2015. Of the purchase price, $104,950 is allocated to the value of the land. What is the maximum amount of depreciation that the company can claim in 2018 (year 2) for the building?
a). $18,000.
b). $25,000 under the election to expense business property.
c). $9,752.
d). $21,816.
e). You cannot depreciate property costing over $500,000.
Related Book For
Taxation of Individuals 2017
ISBN: 9781259548666
8th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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