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On November 10 of year 1, Javier purchased a building, including the land it was...

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Accounting

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 $2,000,000; $600,000 was allocated to the basis of the land and the remaining $1,400,000 was allocated to the basis of the building. What is the first year depreciation if the building was placed into service in January of that year (10)? What is the depreciation deduction in the year the building is sold (5)?

Use MACRS Nonresidential Real Property Mid-Month Convention Straightline - 39 Years

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