On August 8, 2011, Holly purchased a residential apartment building. The cost basis assigned to the building is $800,000. Holly also owns another residential apartment building that she purchased on June 15, 2011, with a cost basis of $500,000.
a. Calculate Holly’s total depreciation deduction for the apartments for 2011 using MARCS.
b. Calculate Holly’s total depreciation deduction for the apartments for 2012 using MARCS.
no it is not out yet unfortunately check back later Auto answered|Score .526|dokidoki|Points 471|User:
a. The first year of depreciation on a residential rental building costing $200,000 purchased May 2, 2011.Weegy:
... you may not be able to deduct the full cost of the equipment in the first year. ... the tax year 2011 ... [ and depreciation of the building when you rent it, making rental ... www.ehow.com/income-tax/
] Auto answered|Score .7782User:
Which of the following statements with respect to the depreciation of real property under MACRS is correct?
a. Real property is depreciated using a half-year convention.
b. Only one-half year of depreciation is allowed in the year of acquisition of real property, regardless of the actual date the property is placed in service.
c. Assuming the property is not disposed of during the year, the depreciation deduction for the second year of use of the real property will be greater than the depreciation deduction in the first year.
d. In some cases, where a significant amount of property is acquired during the last quarter of the taxpayer’s tax year, the taxpayer may be required to use a mid-quarter convention in calculating depreciation on real property.
e. None of the above
a. Real property is depreciated using a half-year convention. Expert answered|sar2000|Points 31|Note:
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