The assessed value of an office property is $750,000, of which $600,000 is allocated to improvements and $150,000 is allocated to land. The property was purchased by an investor for $1,000,000 with no costs of purchase. The depreciation (cost recovery) taken by the investor in the first year of owning the property is:

a. $800,000

b. $29,088

c. $20,512

d. $19,688

Cost Recovery Table 1 Commercial Residential Full Year 2.564% 3.636% 11.5 Month 2.461% 3.485% Cost Recovery Table 1 Commercial Residential Full Year 2.564% 3.636% 11.5 Month 2.461% 3.485%