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.

Please calculate the rental income for tax purposes. In July 2022, an individual acquires a rental property for $20,000. $110,000 is allocated to the land and $160,000 is allocated to the building. The property is rented for $1,800 per month. Condo fees are $50 per month, property taxes are $1,000 per year and interest expense for 2022 is $6,100. Note: the building was acquired after 1987 for residential use; therefore, a class 1 asset (CCA rate = 4%)

Subject : Accounting

Nancy purchased new business computers (7-year property) in January for a total of $1,200,000. She plans to take advantage of §179 expensing and MACRS depreciation (but not first year additional depreciation). What is the total amount of her depreciation deduction?

Please show the works

Hazel purchased a new business asset (five-year asset) on September 30, 2021, at a cost of $100,000. On October 4, 2021, she placed the asset in service. This was the only asset she placed in service in 2021. Hazel did not elect § 179 or additional first-year depreciation. On August 20, 2022, Hazel sold the asset. Determine the cost recovery for 2022 for the asset. $38,000 Ob $14,250 O $23,750 Od $19,000

Yasmin purchased two assets during the current year. On May 26th Yasmin placed in service computer equipment (five-year property) with a basis of $17,000 and on December 9th placed in service machinery (seven-year property) with a basis of $17,000. Calculate the maximum depreciation deduction (ignoring §179 and bonus depreciation). (Use MACRS Table 2.)

Alexandra purchased a $55,800 automobile during 2020. The business use was 70 percent. What is the allowable depreciation for the current year? (Ignore any possible bonus depreciation.)

Nancy purchased a projector screen on July 15, 2019, for $1,200. The screen was used 70% of the time in her business and the rest of the time her children used the screen to watch movies. In 2019, the computer was used 40% for business and 60% for personal use. What are the cost recovery deductions for 2019 and 2020? (No §179 or bonus). Is there any recapture of depreciation in 2020?

A residential rental apartment complex is placed in service by a calendar-year taxpayer on February 27 for $530,000. The apartments are kept for slightly more than 6 years and sold on March 6. a. What is the MACRS-GDS property class? b. Determine the depreciation deduction during each of the 7 yearsinvolved. c. Determine the unrecovered investment during each of the 7 yearsinvolved.