Steve Corp bought a $925,000 apartment building in 2011. $100,000 of the building cost is allocated to the value of the land. What is the maximum amount of depreciation that the company can claim in 2012 (year 2) for the building?
b. $250,000 under the election to expense business property.
c. $825,000 under the election to expense business property.
d. You cannot depreciate property costing over $800,000.