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A residential pro2. A residential property is acquired on the first day of the tax year for a purchase price of $200,000 plus acquisition costs
A residential pro2. A residential property is acquired on the first day of the tax year for a purchase price of $200,000 plus acquisition costs of $13,000. The property is held for five years and sold on the last day of the tax year. What is the cost-recovery deduction for each full year of ownership? What is the annual cost-recovery deduction for each full year of ownership? What is the cost-recovery deduction for the year of disposition? What is the total cost recovery taken during the recovery period?perty is acquired on the first day of the tax year for a purchase price of $200,000 plus acquisition costs of $13,000. The property is held for five years and sold on the last day of the tax year. What is the cost-recovery deduction for each full year of ownership? What is the annual cost-recovery deduction for each full year of ownership? What is the cost-recovery deduction for the year of disposition? What is the total cost recovery taken during the recovery period?
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