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Accounting

John purchases residential rental property on October 31, 2012 for a cost of $290,000. Of this amount, $140,000 is allocable to the cost of the home and the remaining $150,000 is allocable to the cost of the land. What is John's maximum depreciation deduction for 2012?

Select one:

a. $1,099

b. $1,061

c. $2,198

d. None of the above

e. $850

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M946073

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