View the step-by-step solution to: On August 8, 2013, Holly purchased a residential apartment

On August 8, 2013, Holly purchased a res...
On August 8, 2013, Holly purchased a residential apartment building. The cost basis assigned to the building is $800,000. Holly also owns another residential apartment building that she purchased on June 15, 2013, with a cost basis of $500,000.

Click here to access the depreciation tables.

a. Calculate Holly's total depreciation deduction for the apartments for 2013 using MACRS.
$

b. Calculate Holly's total depreciation deduction for the apartments for 2014 using MACRS.
$

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