Problem 8-4 (Algorithmic) Modified Accelerated Cost Recovery System (MACRS) (LO 8.2) On April 8, 2021, Holly purchased a

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Problem 8 4 Algorithmic Modified Accelerated Cost Recovery System Macrs Lo 8 2 On April 8 2021 Holly Purchased A 1 (83.03 KiB) Viewed 14 times

Problem 8-4 (Algorithmic) Modified Accelerated Cost Recovery System (MACRS) (LO 8.2) On April 8, 2021, Holly purchased a residential apartment building. The cost basis assigned to the building is $262,250. Holly also owns another residential apartment building that she purchased on June 15, 2021, with a cost basis of $510,000. Click here to access the depreciation tables. If required, round intermediate calculations and final answers to nearest dollar. a. Calculate Holly's total depreciation deduction for the apartments for 2021 using MACRS. b. Calculate Holly's total depreciation deduction for the apartments for 2022 using MACRS.