Modified Accelerated Cost Recovery System (MACRS) (LO 8.2) On June 8, 2022, Holly purchased a residential apartment building. The cost basis assigned to the building is $650,000. Holly also owns another residential apartment building that she purchased on October 15, 2022, with a cost basis of $400,000. Use depreciation tables. Round your answers to the nearest dollar. a. Calculate Holly's total depreciation deduction for the apartments for 2022 using MACRS. b) Calculate Holly's total depreciation deduction for the apartments for 2023 using MACRS.
Modified Accelerated Cost Recovery System (MACRS) (LO 8.2) On June 8, 2022, Holly purchased a residential apartment building. The cost basis assigned to the building is $650,000. Holly also owns another residential apartment building that she purchased on October 15, 2022, with a cost basis of $400,000. Use depreciation tables. Round your answers to the nearest dollar. a. Calculate Holly's total depreciation deduction for the apartments for 2022 using MACRS. b) Calculate Holly's total depreciation deduction for the apartments for 2023 using MACRS.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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D1.
Transcribed Image Text:Modified Accelerated Cost Recovery System (MACRS) (LO 8.2)
On June 8, 2022, Holly purchased a residential apartment building. The cost basis assigned to the building is $650,000.
Holly also owns another residential apartment building that she purchased on October 15, 2022, with a cost basis of
$400,000. Use depreciation tables. Round your answers to the nearest dollar.
a. Calculate Holly's total depreciation deduction for the apartments for 2022 using MACRS.
b) Calculate Holly's total depreciation deduction for the apartments for 2023 using MACRS.
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