2. A residential rental property is acquired during the first month of the taxable year, at a total cost (including transaction costs) of $1.2 million. of this amount, $200,000 is properly attributable to the land. Determine the annual depreciation allowance for the first year and for each of the ensuing nine years. 3. Assume that during the last month of the 10th year of ownership, the property in Problem 2 is sold for $1.5 million. Assume also that the seller incurs transaction costs equaling 6% of the sales price. What is the amount of the gain or loss on the sale