Lincoln purchases nonresidential real property costing $300,000 and places it in service in March 2021. He elects Section 179 for all qualifying assets, but elects out of bonus depreciation. What is Lincoln's 2023 depreciation on the nonresidential real property? A) $6,099 B) $7,692 C) $8,637 D) $0

Lincoln purchases nonresidential real property costing $300,000 and places it in service in March 2021. He elects Section 179 for all qualifying assets, but elects out of bonus depreciation. What is Lincoln's 2023 depreciation on the nonresidential real property? A) $6,099 B) $7,692 C) $8,637 D) $0

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter8: Depreciation And Sale Of Business Property

Section: Chapter Questions

Problem 4MCQ: James purchased office equipment for his business. The equipment has a depreciable basis of $7,000...

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Question

Lincoln purchases nonresidential real property costing $300,000 and places it in service in
March 2021. He elects Section 179 for all qualifying assets, but elects out of bonus
depreciation. What is Lincoln's 2023 depreciation on the nonresidential real property?
A) $6,099
B) $7,692
C) $8,637
D) $0

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