Carl purchased an apartment complex for $3.5 million on March 17 of year 1. of the purchase price, $1,500,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $84,000. (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.
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- Required information [The following information applies to the questions displayed below.] Carl purchased an apartment complex for $3.3 million on March 17 of year 1. of the purchase price, $1,400,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $82,000. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Enter your answers in dollars and not in millions of dollars.) a. What is Carl's allowable depreciation deduction for his real property for years 1 and 2? (Round your final answers to the nearest whole dollar amount.) Depreciation Deduction Year 1Required information. [The following information applies to the questions displayed below.] Carl purchased an apartment complex for $1.3 million on March 17 of year 1. of the purchase price, $400,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $62,000. (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. a. What is Carl's allowable depreciation deduction for his real property for years 1 and 2? Note: Round your final answers to the nearest whole dollar amount. Year 11 Year 2 Depreciation DeductionCarl purchased an apartment complex for $1.4 million on March 17 of year 1. of the purchase price, $450,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $63,000. (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. 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. X Answer is complete but not entirely correct. Depreciation for year 3 $ 1,849 X
- On June 8, 2022, Holly purchased a reudentul apartment building The cost has assigned to the building is $650,000. Hally also owns another residential apartment building that she purchased on October 15, 2022, with a cost basis of $400.000 Click here to access the depreciation tables. Round your answers to the nearest dollar. Caleat Holly's total depreciation deduction for the apartments for 2022 using MACKSOn April 8, 2020, Holly purchased a residential apartment building. The cost basis assigned to the building is $199,000. Holly also owns another residential apartment building that she purchased on April 15, 2020, with a cost basis of $516,000. Click here to access the depreciation tables. If required, round intermediate calculations and final answers to nearest dollar. a. Calculate Holly's total depreciation deduction for the apartments for 2020 using MACRS. $ b. Calculate Holly's total depreciation deduction for the apartments for 2021 using MACRS. $On September 8, 2020, Holly purchased a residential apartment building. The cost basis assigned to the building is $197,400. Holly also owns another residential apartment building that she purchased on November 15, 2020, with a cost basis of $214,000. a. Calculate Holly's total depreciation deduction for the apartments for 2020 using MACRS. b. Calculate Holly's total depreciation deduction for the apartments for 2021 using MACRS.
- Part 4: M. Dodge purchased a duplex on January 15, 2020 for $300,000. It is estimated $200,000 is attributable to building. The two units are identical in size, for purposes of CCA class, the property is considered to be a single unit. Note the following: January, 2020, purchased furniture and appliances for one of the units at a total cost of $10,000. For 2020, both units were rented, rental revenue was $30,000 and incurred expenses, other than CCA, of $9,000. In September, 2021, the tenants moved out and purchased all the furniture and appliances for 8,000. deducts the maximum. Calculate the rental income for 2020. Also, determine the UCC balances on January 1, 2022. Include in your solution any income tax consequences associated with the sale of the furniture and appliances.a) Brittany purchased a building for $160,000 on January 1, 2013. The purchase price does not include land. (Use Table 6A-6 and Table 6A-8) Required: Calculate the cost recovery for 2013 and 2021 if the real property is: Residential real property. A warehouse. Note: For all requirements, round your final answers to the nearest whole dollar amount. b) Brittany purchased a building for $160,000 on January 1, 2013. The purchase price does not include land. (Use Table 6A-6 and Table 6A-8) Required: Calculate the cost recovery for 2013 and 2021 if the real property is: Residential real property. 2013 ? 2021 ? A warehouse. 2013 ? 2021 ? Note: For all requirements, round your final answers to the nearest whole dollar amount. Pleease don't answer in hand written thankuH3. Grayson purchased his primary residence for $260,000. As part of the closing procedure, he paid $2,900 in loan origination fees, $750 to a lawyer to review the purchase contract and other closing papers, $250 for a property survey, and $1,200 for title insurance. He also gave the real estate agent a $100 gift certificate in appreciation for her hard work. What is Grayson's basis in the residence? Please show proper step by step calculation
- On November 10 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,300,000; 15% was allocated to the basis of the land and the remaining 85% was allocated to the basis of the building. Using MACRS, what is Javier’s depreciation expense on the building for year 2? On March 25 of year 1 Javier purchased an apartment building, including the land it was on. The total cost of the purchase was $1,300,000; 10% was allocated to the basis of the land and the remaining 90% was allocated to the basis of the building. Using MACRS, what is Javier’s depreciation expense on the building for year 3?At the beginning of 2020, Emma owned two residential rental properties. During 2020 she sold Building 1 and purchased a new building (Building 3). Details related to the properties are as follows: Total rent received 20,000 Total expenses paid to earn rental income, excluding CCA 12,000 Building #1 opening UCC 72,000 Building #2 opening UCC 180,000 Proceeds of disposition on building #1 on April 30, 2020 120,000 Original cost of building #1 80,000 Cost of new rental building purchased on May 1, 2020 (land excluded) 250,000 Required: Compute the minimum rental income for Emma in 2020. Show your work!Use the following information to answer the "fill in the blanks" question: Jimmy Fallon acquired 3 rental properties in 2020 as follows: Building $40,000 42,000 70,000 Land Property 1 Property 2 Property 3 $10,000 12,000 30,000 Total $ 50,000 54,000 100,000 In 2020, the rent revenue before expenses for all three properties was $42,000. The expenses, not including CCA, for all three properties were $32,000 (property taxes, insurance, interest and maintenance). What is the minimum amount of net rental income to be reported in 2020? A What is the UCC balance for each class of rental properties at December 31, 2020? A What is the maximum amount of CCA that can be deducted in 2020 if the net rental income before CCA was $7,000?