@DianeW777
Sorry Diane, another question, as it relates to the "two schedule" depreciation approach.
6) How would I figure out the Excess Basis value as it relates to the original basis ($90,000) being proportioned across the 3 replacement properties, and the Excess Basis value as it relates to the additional basis ($118,000) being proportioned across the 2 properties (if the Oil and Gas property needs to be excluded in this case) ? When I calculate the Excess Basis as two separate calculations, the total far exceeds the total deferred gains and the number I had when using the "single schedule" depreciation method. Do I need to somehow proportion out the replacement property's total costs/FMV between the original basis ($90,000) and the additional basis ($118,000) BEFORE doing the Excess Basis calculation? Right now I am using full values for both calculations. So as an example, in the case of the Ford Distribution property, having a value of $493,000, I'm using $493,000 minus Ford's original basis proportion of the $90,000, AND I'm using $493,000 minus Ford's additional basis proportion of $118,000. Should that $493,000 be first split up somehow?
Any insight here would be so greatly appreciate!
Thanks so much!
Jamie
