Steve Corp Bought a $600,000 Apartment Building in June of 2018

question 41

Multiple Choice

Steve Corp bought a $600,000 apartment building in June of 2018. Of the purchase price, $104,950 is allocated to the value of the land. What is the maximum amount of depreciation that the company can claim in 2019 (Year 2) for the building?

• A)$9,752
• B)$18,000
• C)$25,000 under the election to expense business property
• D)$21,816
• E)You cannot depreciate property costing over $500,000

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