Tara owns a business and purchases buildings for the business on the following dates and amounts: 1/27/21 - $150,000, 3/15/21 - $120,000, 5/6/21 - $130,000, 7/28/21 - $3,000 and 12/31/21 - $80,000. What tax convention will she use for depreciation purposes?

Tara owns a business and purchases buildings for the business on the following dates and amounts: 1/27/21 - $150,000, 3/15/21 - $120,000, 5/6/21 - $130,000, 7/28/21 - $3,000 and 12/31/21 - $80,000. What tax convention will she use for depreciation purposes?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter19: Family Tax Planning

Section: Chapter Questions

Problem 12DQ

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Concept explainers

Real Estate

Real estate means ownership of land along with the assets and natural resources that exist on the land. These properties are in real/physical form which is tangible. Real estate simply means land or addition made to land permanently like constructing a residence or different buildings. People invest in real estate to either reside or for wealth creation. Many people investing in real estate further lend the place for occupation or businesses in return for a monthly payment.

Question

Sir plz

Accounting
Tara owns a business and purchases buildings
for the business on the following dates and
amounts: 1/27/21 - $150,000, 3/15/21 -
$120,000, 5/6/21 - $130,000, 7/28/21 - $3,000
and 12/31/21 - $80,000. What tax convention
will she use for depreciation purposes?

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