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Question - On July 8, 2020, Holly purchased a residential apartment building. The cost basis assigned to the building is $750,000. Holly also owns another residential apartment building that she purchased on November 15, 2020, with a cost basis of $410,000.
Required -
a. Calculate Holly's total depreciation deduction for the apartments for 2020 using MACRS.
b. Calculate Holly's total depreciation deduction for the apartments for 2021 using MACRS.
Determine the depreciation for the current fiscal year and for the following fiscal year by (a) the straight-line method (b) the double-declining-balance method
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