All of the following statements about residential rental property are true EXCEPT: *

A special depreciation allowance may be taken on residential rental property.

Depreciation starts when the residential rental property is placed into service.

Taxpayers must reduce their basis in the residential rental property by the full amount of depreciation, even if they do not claim the correct amount each year.

The fair market value (FMV) of the land is depreciated for the same period of years as the residential rental property sitting on it