Steve Corp bought a $600,000 apartment building in June of 2018. Of the purchase price,...
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Steve Corp bought a $600,000 apartment building in June of 2018. Of the purchase price, $104,950 is allocated to the value of the land. What is the maximum amount of depreciation that the company can claim in 2019 (Year 2) for the building?
a. $18,000
b. $9,752
c. $25,000 under the election to expense business property
d. $21,816
e. You cannot depreciate property costing over $500,000.
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