Q. On August 10, 2017, Sophia purchased and placed into service a commercial building (39 years SL) for $3.000,000 (building $2,250,000 and land $750,000). On January 1, 2022, the commercial building was contributed to the newly formed partnership S&L Commercial Properties Ltd. At the time of the contribution the building and land were valued at $4,500,000 (building $3,500,000 and land $1,000,000). The initial tax annual tax depreciation equals $57,692 = $2,250,000/39 years. As of December 31, 2021, the adjusted tax basis of the building was $1,997,597. There are 415.5 months remaining the the class life for this commercial building. Calculate the annual book depreciation using the traditional method found in Regulation §1.704- 3(b) for 2022. Pick a answer. 1. $101,083 2. $89,744 3. $86,004 4. $57,692

Q. On August 10, 2017, Sophia purchased and placed into service a commercial building (39 years SL) for $3.000,000 (building $2,250,000 and land $750,000). On January 1, 2022, the commercial building was contributed to the newly formed partnership S&L Commercial Properties Ltd. At the time of the contribution the building and land were valued at $4,500,000 (building $3,500,000 and land $1,000,000). The initial tax annual tax depreciation equals $57,692 = $2,250,000/39 years. As of December 31, 2021, the adjusted tax basis of the building was $1,997,597. There are 415.5 months remaining the the class life for this commercial building. Calculate the annual book depreciation using the traditional method found in Regulation §1.704- 3(b) for 2022. Pick a answer. 1. $101,083 2. $89,744 3. $86,004 4. $57,692

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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Question

A-1

Q. On August 10, 2017, Sophia purchased and placed into service a commercial building (39 years
SL) for $3.000,000 (building $2,250,000 and land $750,000). On January 1, 2022, the commercial
building was contributed to the newly formed partnership S&L Commercial Properties Ltd. At the
time of the contribution the building and land were valued at $4,500,000 (building $3,500,000
and land $1,000,000).
The initial tax annual tax depreciation equals $57,692 = $2,250,000/39 years. As of December 31,
2021, the adjusted tax basis of the building was $1,997,597.
There are 415.5 months remaining the the class life for this commercial building.
Calculate the annual book depreciation using the traditional method found in Regulation §1.704-
3(b) for 2022.
Pick a answer.
1. $101,083
2. $89,744
3. $86,004
4. $57,692

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