Homework Answers
| 1 | Depreciation if the building is purchased on June 30, 1992? | ||||
| Mid-month convention is used for the Real property. The property is deemed to be in service for 9.5 months | |||||
| in the year of sale which will result in a depreciation of 2.513% [3.174% x (9.5 / 12)] using Table A10-8. | |||||
| Therefore, the depreciation deduction = | $ 500000 x 2.513% | ||||
| = | 12565 | ||||
| 2 | Depreciation if the building is purchased on June 30, 1994? | ||||
| Mid-month convention is used for the Real property. The property is deemed to be in service for 9.5 months | |||||
| in the year of sale which will result in a depreciation of 2.030% [2.564% x (9.5 / 12)] using Table A10-9. | |||||
| Therefore, the depreciation deduction = | $ 500000 x 2.030% | ||||
| = | 10150 | ||||
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