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A residential rent property is acquired during the first month of the taxable year at a total cost of $1.2 million. Of this amount, $200,000
A residential rent property is acquired during the first month of the taxable year at a total cost of $1.2 million. Of this amount, $200,000 is properly attributable to the land. What is the depreciation deduction (cost recovery allowance) for the first year? Enter your answer rounded to the nearest dollar amount with no punctuation
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