Estimated by the taxpayer in light of industry standards

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During the year, X purchased land and a building for a total of $500,000 and furniture for the building for $100,000. He intends to lease the building. Indicate whether the following factors are taken into account in computing the depreciation of these assets.

a) Each asset’s useful life as estimated by the taxpayer in light of industry standards.

b) Salvage value.

c) The month in which the property was placed in service.

d) The use of the building by the lessee.

e) The taxpayer is a corporation.

f) The property is used for investment rather than business use.

g) The acquisition cost of the building including the land.

h) The lessee.

Reference no: EM131353099

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