Q-6) On July 5, you purchased a residential home in which to locate your professional office for 300,000. The appraisal is divided into $130,000 for the land and $170,000 for the building. Suppose that the property was sold at $400,000 at the end of fourth year of ownership. a) In your first year of ownership, how much can you deduct for depreciation for tax purposes? Fill the blanks in the following table. b) n Calculation Depreciation rate Allowed depreciation 1 (100% /275) 4 c) What is the book value of the property at the end of fourth year