Janice acquired an apartment building on June 4, 2020, for $1,600,000. The value of the land...

Janice acquired an apartment building on June 4, 2020, for $1,600,000. The value of the land is $300,000. Assume Janice sold the apartment building on November 29, 2026.

If required, round your answers to the nearest dollar.

Click here to access the depreciation table to use for this problem.

a. How is the property classified for MACRS?

b. What is the life of the asset for MACRS?

c. Determine Janice's cost recovery deduction for 2020 and 2026.
2020: $
2026: $

On April 30, 2019, Leo purchased and placed in service a new car that cost $78,600. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179.

If required, round your answers to the nearest dollar.

Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles.

a. What MACRS convention applies to the new car?

b. Is the automobile considered "listed property"?

c. Leo's cost recovery deduction in 2019 is $ and for 2020 is $.

Expert Solution

ekkarill92 answered 1 year ago

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