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On April 3rd, Terry purchased and placed in service a building. The building cost $2 million. An appraisal determined that 25% of the total cost
On April 3rd, Terry purchased and placed in service a building. The building cost $2 million. An appraisal determined that 25% of the total cost was attributed to the value of the land. The bottom floor of the building is leased to a retail business for $32,000. The other floors of the building are rental apartments with an annual rent of $160,000. Determine Terry's cost recovery deduction for 2014.
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