Roberts and Simpson form a partnership where they are equal partners for all purposes. Simpson...
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Accounting
Roberts and Simpson form a partnership where they are equal partners for all purposes. Simpson contributes depreciable property with a book value of $50,000 and a tax basis of $40,000 at the time of contribution. The property had been depreciated straight-line with no salvage value over 10 years and the property has 5 years left of its recovery period. How much book depreciation will be allocated yearly to each partner for book purposes?
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