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What is Carls allowable depreciation deduction

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Reference no: EM132561785

Question - Carl purchased an apartment complex for $2.1 million on March 17 of year 1. of the purchase price, $800,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $70,000.

Required -

a. What is Carl's allowable depreciation deduction for his real property for years 1 and 2?

b. What is Carl's allowable depreciation deduction for year 3 if the real property is sold on January 2 of year 3?

Reference no: EM132561785

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