Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on november 27 of year 1, javier purchased a build

On November 27 of year 1, Javier purchased a building, including the land it was...

90.2K

Verified Solution

Question

Accounting

On November 27 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 $1,379,000; $314,000 was allocated to the basis of the land and the remaining $1,065,000 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.
c. Assume the building was purchased and placed in service on October 12 instead of November 27. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3?
d. Assume the building was purchased and placed in service on November 27 of year 1 and is residential property.
e. What would be the depreciation for 2023,2024, and 2025 if the property were nonresidential property purchased and placed in service November 27,2006(assume the same original basis)?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Calculus
1.2K views

15 Which of the following has the best price per unit 1 pt Brand B...

Psychology
1.2K views

1. The authors claim that random assignment is “the key to eliminating all possible confounds in...

Psychology
1.2K views

Explain the study of suicide as carried out by Emile Durkheim and clarify the relationship between...

Geometry
1.2K views

2 S 3 4 T 3 1 U 2 1 V 2 4 Reflection across...

Basic Math
1.2K views

By using the definition of a subspace determine if the following is a subspace of...

Statistics
1.2K views

According to the Federal Trade Commission report on consumer fraud and identity theft 23 of...

Accounting
1.2K views

Current Attempt in Progress Cullumber Company sells land with a book value of...

Accounting
1.2K views

You can compute contribution margin in total using the income statement above. You can also...

Accounting
1.2K views

Look at FASBs current technical agenda. a. Are any final standards set to be issued...

Finance
1.2K views

1. Explain how a reduction in lead time can help a supply chain reduce safety...

Accounting
1.2K views

Pine Systems revenues for 2018 totaled $27.1 million. As with most companies, Pine is a...

Finance
1.2K views

The Food and Drug Administration is about to approve NauZero as a safe and effective...