Carl purchased an apartment complex for $2.8 million on March 17 of year 1. of the purchase price, $1,150,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $77,000. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Enter your answers in dollars and not in millions of dollars. Problem 10-52 Part b (Algo) b. What is Carl's allowable depreciation deduction for year 3 if the real property is sold on January 2 of year 3? Note: Do not round intermediate computations. Round your final answer to the nearest whole dollar amount. Depreciation for year 3 4
Carl purchased an apartment complex for $2.8 million on March 17 of year 1. of the purchase price, $1,150,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $77,000. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Enter your answers in dollars and not in millions of dollars. Problem 10-52 Part b (Algo) b. What is Carl's allowable depreciation deduction for year 3 if the real property is sold on January 2 of year 3? Note: Do not round intermediate computations. Round your final answer to the nearest whole dollar amount. Depreciation for year 3 4
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Carl purchased an apartment complex for $2.8 million on March 17 of year 1. of the purchase price, $1,150,000 was
attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $77,000. (Use
MACRS Table 1, Table 2. Table 3. Table 4 and Table 5.)
Note: Enter your answers in dollars and not in millions of dollars.
Problem 10-52 Part b (Algo)
b. What is Carl's allowable depreciation deduction for year 3 if the real property is sold on January 2 of year 3?
Note: Do not round intermediate computations. Round your final answer to the nearest whole dollar amount.
Depreciation for year 3
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