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Compute Driver allowable depreciation deductions

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Reference no: EM132814612

Question - On April 1, 2018, Driver Corporation, a calendar year taxpayer, purchased a factory building for $6,080,000 of which $680,000 was allocable to the land and $320,000 was allocable to 15-year land improvements. Driver Corporations sells the factory building and land improvements on June 19, 2020, due to financial losses. Driver used MACRS depreciation to compute deductions for the land improvements. Compute Driver's allowable depreciation deductions for the factory building and the 15-year land improvements for both the year of purchase 2018 and the year of sale 2020. These were the only asset purchases made by Driver during 2018.

Reference no: EM132814612

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