1. Last year, Jill purchased a condo unit for $125,000 as her personal residence. In...
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Accounting
1. Last year, Jill purchased a condo unit for $125,000 as her personal residence. In the current year, the condo unit appraises at $132,000, and Anne moves out and converts the condo to rental property. What basis can Anne use when computing her depreciation on the rental condo unit?
2. Tatum Corporation (a calendar-year corporation) purchased a building on June 6 of the current year for $300,000, of which $60,000 is for the land. What is the depreciation for the first year if the building is
a warehouse?
a rental apartment building?
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