Evaluate the maximum depreciation expense

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Reference no: EM132194

Question:

Luke valued and sold at $210,000. His original basis in the land was $180,000.For the land, Luke received $60,000 in cash in the current year and a note providing $150,000 in the subsequent year. Evaluate Luke's recognized gain in the current and subsequent year, respectively?

Additional Requirements

Other needs: Columbia LLC placed in service on October 9, 2013 machinery and equipment (7-year property) with a basis of $2,150,000. Suppose that Columbia has sufficient income to avoid any limitations. Evaluate the maximum depreciation expense including §179 expensing for the year, rounded to the nearest whole number.

Reference no: EM132194

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