Question & Answer: On March 18 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,453,500; $396…..

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On March 18 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,453,500; $396,000 was allocated to the basis of the land and the remaining $1,057,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.)

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Question & Answer: On March 18 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,453,500; $396…..
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a. Using MACRS, what is Javier’s depreciation expense on the building for years 1 through 3?

Year Depreciation Expense
1 ?
2 $27,114
3 $27,114

b. What would be the year 3 depreciation expense if the building was sold on May 28 of year 3?

Year 3 depreciation expense           ?

c. Answer the question in part (a), except assume the building was purchased and placed in service on January 18 instead of March 18.

 

Year Depreciation Expense
1 ?
2 $27,114
3 $27,114

e. What would be the depreciation for 2017, 2018, and 2019 if the property were nonresidential property purchased and placed in service March 14, 2000 (assume the same original basis)?

Year Depreciation Expense
2017 ?
2018 ?
2019 ?

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