LO.6 Janice acquired an apartment building on June 4, 2010, for $1.4 million. The value of the
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LO.6 Janice acquired an apartment building on June 4, 2010, for $1.4 million. The value of the land is $200,000. Janice sold the apartment building on November 29, 2016.
a. Determine Janice’s cost recovery for 2010.
b. Determine Janice’s cost recovery for 2016.
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