On November 11, 2015, Patterson Corporation, a calendar year taxpayer, purchased an apartment building for...
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Accounting
On November 11, 2015, Patterson Corporation, a calendar year taxpayer, purchased an apartment building for $8,760,000 of which $460,000 was allocable to the land. On February 14, 2017, Patterson bought a factory building for $6,450,000 of which $300,000 was allocable to the land. Due to financial problems, Patterson sold the apartment building on July 8, 2019 and the factory building on October 20, 2019. Compute Pattersons allowable depreciation deductions for each building both for the year of purchase and the year of sale.
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