Problem:
On May 1, 2010, Empire Cosmetics, a calendar year taxpayer, purchased an apartment building for $1,000,000, of which $400,000 was allocable to the land. The corporation sold the property this year on August 23, 2011. What was the corporation's depreciation for the building, using statutory percentage under MACRS (SL) for 2010?
Required:
Question: What was the corporation's depreciation for the building, using statutory percentage under MACRS (SL) for 2011?
Note: Please provide step by step solution.