Which of the following statements regarding depreciation is/are correct?

-1- Real estate used for residential rental purposes is depreciated on a straight-line basis over 27 years.

-2- Real estate used for commercial purposes is depreciated on a straight-line basis over 39 years.

-3- Both the value of the land and the value of the improvements on the land can be depreciated.

-4- A mid-year convention is used in the depreciation of real property.

A. 1 and 2.

B. 3 and 4.

C. 1, 2, and 3.

D. 1, 2, 3, and 4.

Income Tax Question