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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text: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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