Lonzo owns two apartment buildings. He acquired Forsythia Acres on February 21, 1998, for $300,000 ($90,000 allocated
Question:
Lonzo owns two apartment buildings. He acquired Forsythia Acres on February 21, 1998, for $300,000 ($90,000 allocated to the land) and Square One on November 12, 2017, for $800,000 ($100,000 allocated to the land). Neither apartment complex qualifies as low-income housing. If Lonzo elects to deduct the cost of each building as quickly as possible, what is the effect of depreciation (cost recovery) on his AMTI for:
a. 1998?
b. 2017?
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a Lonzo must recognize a positive AMT adjustment if the regular MACRS deduction Exhibit 88 e...View the full answer
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Related Book For 
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
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