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2. (8 points) Polly purchased a new hotel and land on June 20, 2023, for $7,500,000. The land represented twenty percent of that purchase
2. (8 points) Polly purchased a new hotel and land on June 20, 2023, for $7,500,000. The land represented twenty percent of that purchase price. On June 20, 2026, the building was sold. a. Determine the cost recovery deduction for 2026 for both income tax and alternative minimum tax purposes. b. Compute those amounts if, instead of a hotel, the building was an apartment building?
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