Janet purchased her personal residence in 2005 for $250,000. In January 2015 she converted it to rental property. The fair market value at the time of conversion was $210,000.
a. Determine the amount of cost recovery that can be taken in 2015:_________________
b. Determine the amount of cost recovery that could be taken in 2015 if the fair market value of the property were $350,000:_____________________