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Develop the depreciation table for property

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Fairwinds Hotels purchase a new building lot on April 18th 2018 for $450k and plans to built an hotel for $32million. The furniture (7 year asset) is estimated to cost $25 million. Develop the depreciation table for this property for the fisrt 8 years of its service (i.e., 2018-2026). What is the tax liability if the hotel is sold in May 3rd 2026 for $28million? The company is in a 28% tac bracket and pay 15% capital gains taxes.

Reference no: EM133059992

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