e. What would be the depreciation for 2023, 2024, and 2025 if the property were nonresidential property purchased and placed in service June 12, 2006 (assume the same original basis)?
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Required information
[The following information applies to the questions displayed below.]
▬▬
On June 12 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 $1,496,000; $496,000 was allocated to the basis of the land and the remaining $1,000,000 was
allocated to the basis of the building. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.)
Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.
e. What would be the depreciation for 2023, 2024, and 2025 if the property were nonresidential property purchased and placed in
service June 12, 2006 (assume the same original basis)?
Year
2023
2024
2025
Depreciation
Expense](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6d9abea3-17c5-4daf-92f7-f88b0c4df80e%2F9142c00a-3a71-4254-a8d0-bdb074c2b34f%2F2kjbajp_processed.jpeg&w=3840&q=75)
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- Required information [The following information applies to the questions displayed below.) 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 $1,200,000; $300,000 was allocated to the basis of the land, and the remaining $900,000 was allocated to the basis of the building (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What would be the year 3 depreciation deduction if the building was sold on August 1 of year 3? Answer is complete but not entirely correct. Year 3 depreciation deduction $ 23,076Required information [The following information applies to the questions displayed below.] On February 17 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 $1,302,500; $295,000 was allocated to the basis of the land and the remaining $1,007,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. d. Assume the building was purchased and placed in service on February 17 of year 1 and is residential property. Year 1 Depreciation Expense Year 2 Year 3! Required information [The following information applies to the questions displayed below.] On May 17 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 $1,142,000; $342,000 was allocated to the basis of the land and the remaining $800,000 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) b. What would be the year 3 depreciation deduction if the building was sold on November 22 of year 3? Year 3 depreciation deduction
- [The following information applies to the questions displayed below.] On October 7 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 $1,304,500; $242,000 was allocated to the basis of the land and the remaining $1,062,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) a. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Expense Year 1 Year 2 Year 3[The following information applies to the questions displayed below.] On December 2 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 $1,620,000; $385,000 was allocated to the basis of the land and the remaining $1,235,000 was allocated to the basis of the building. (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Note: Do not round Intermediate calculations. Round your answers to the nearest whole dollar amount. a. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Expense Year 1 Year 2 Year 3Required information [The following information applies to the questions displayed below.] On January 8 of year 1 Javier purchased and placed in service a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,399,500; $322,000 was allocated to the basis of the land and the remaining $1,077,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) a. Using MACRS, what is Javier’s depreciation deduction on the building for years 1 through 3? b. What would be the year 3 depreciation deduction if the building was sold on February 26 of year 3? d. Assume the building is residential property. Using MACRS, what is Javier’s depreciation deduction on the building for years 1 through 3?
- [The following information applies to the questions displayed below.] On October 7 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 $1,304,500; $242,000 was allocated to the basis of the land and the remaining $1,062,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) b. What would be the year 3 depreciation deduction if the building was sold on May 12 of year 3? Year 3 depreciation deduction[The following information applies to the questions displayed below.] On October 7 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 $1,304,500; $242,000 was allocated to the basis of the land and the remaining $1,062,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) d. Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Expense Year 1 Year 2 Year 3[The following information applies to the questions displayed below.] On October 7 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 $1,304,500; $242,000 was allocated to the basis of the land and the remaining $1,062,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) c. Assume the building was purchased and placed in service on May 28 instead of October 7. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Deduction Year 1 Year 2 Year 3
- [The following information applies to the questions displayed below.] On October 7 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 $1,304,500; $242,000 was allocated to the basis of the land and the remaining $1,062,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) e. What would be the depreciation for 2021, 2022, and 2023 if the property were nonresidential property purchased and placed in service October 7, 2004 (assume the same original basis)? Depreciation Expense Year 2021 2022 2023S Required information [The following information applies to the questions displayed below.] 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. 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 1 Year 2 Depreciation DeductionRequired 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 1