Depreciation on the building for tax purposes, Accounting Basics

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Depreciation on the building for tax purposes

Jenny constructed a building for use as a residential rental property. The cost of the building was $180,000, and it was placed in service on August 1, 1990. The building has a 27.5 year MACRS life. What is the amount of depreciation on the building for 2012 for tax purposes?

Select one:

a. $6,000

b. $2,000

c. $3,000

d. $6,547

e. None of the above

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Accounting Basics: Depreciation on the building for tax purposes

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Accounting Basics: Depreciation on the building for tax purposes

Reference No:- TGS046071

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Conventional straight-line depreciation method

Q : Maximum amount that travis may deduct

Q : Sale or exchange of property

Q : Amount of depreciation that jasper should claim

Q : Depreciation on the building for tax purposes

Q : Capital loss limitation

Q : Johns maximum depreciation deduction

Q : Tax return as a result of this transaction

Q : Statement with respect to the depreciation of the building

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Depreciation on the building for tax purposes

Reference No:- TGS046071

Recent Questions Asked Accounting Basics

Q : Conventional straight-line depreciation method

Q : Maximum amount that travis may deduct

Q : Sale or exchange of property

Q : Amount of depreciation that jasper should claim

Q : Depreciation on the building for tax purposes

Q : Capital loss limitation

Q : Johns maximum depreciation deduction

Q : Tax return as a result of this transaction

Q : Statement with respect to the depreciation of the building

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