7) You purchased a commercial building and lot for $190,000 on March 3rd, 2020. The lot itself was valued at $70,000 when purchased. You sold the lot and building for $450,000 on April 15th of 2021. Use MACRS depreciation and note that this property is considered non-residential real property. What are your allowable tax depreciation amounts for those two years? 2020 2021

7) You purchased a commercial building and lot for $190,000 on March 3rd, 2020. The lot itself was valued at $70,000 when purchased. You sold the lot and building for $450,000 on April 15th of 2021. Use MACRS depreciation and note that this property is considered non-residential real property. What are your allowable tax depreciation amounts for those two years? 2020 2021

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.

Question

Please solve in 20 min it's urgent.

7) You purchased a commercial building and lot for $190,000 on March 3rd, 2020. The lot itself
was valued at $70,000 when purchased. You sold the lot and building for $450,000 on April 15th
of 2021. Use MACRS depreciation and note that this property is considered non-residential real
property.
What are your allowable tax depreciation amounts for those two years?
2020
2021

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