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On September 8 2016 Holly purchased a residential apartment building The cost basis assigned to the building is $197400 Holly also owns another residential apartment building that she purchased

On September 8, 2016, Holly purchased a residential apartment building. The cost basis assigned to the building is $197,400. Holly also owns another residential apartment building that she purchased on October 15, 2016, with a cost basis of $715,000.

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If required, round intermediate calculations and final answers to nearest dollar.

a. Calculate Holly's total depreciation deduction for the apartments for 2016 using MACRS.

$

b. Calculate Holly's total depreciation deduction for the apartments for 2017 using MACRS.

$

 

Mar 26 2020 View more View Less

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