Tandy Inc. acquires and places in service a piece of real estate, which includes a...
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Tandy Inc. acquires and places in service a piece of real estate, which includes a building (in addition to the land) for $1,000,000 on March 3, 2020. The value of the building is 60% of the total purchase price. Tandy will use the building as offices for its civil engineers. The corporation has taxable income, before any IRC Sect. 179 deduction, of $2.9 million for the year. What is the total amount of cost recovery deductions that the corporation can take on the property, if any, for 2020 and 2021?
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