Problem 1: On May 8, 2023, Holly purchased a residential apartment building. The cost basis assigned to the building is $194,600. Holly also owns another residential apartment building that she purchased on June 15, 2023, with a cost basis of $510,000.
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If required, round intermediate calculations and final answers to nearest dollar.
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a. Calculate Holly's total depreciation deduction for the apartments for 2023 using MACRS and assuming she does not elect out of bonus depreciation.
Fill in the blank 1 of 1$
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b. Calculate Holly's total depreciation deduction for the apartments for 2024 using MACRS.
Fill in the blank 1 of 1$