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Business, 15.11.2019 07:31 Queenempress9380

On november 4, 2017, blue company acquired an asset (27.5-year residential real property) for $200,000 for use in its business. in 2017 and 2018, respectively, blue took $642 and $5,128 of cost recovery. these amounts were incorrect; blue applied the wrong percentages (i. e., those for 39-year rather than 27.5-year assets). blue should have taken $910 and $7,272 cost recovery in 2017 and 2018, respectively. on january 1, 2019, the asset was sold for $180,000.
enter the values for each item below. if required, round all computations to the nearest dollar.
a. the adjusted basis of the asset at the end of 2018 is $.
b. the cost recovery deduction for 2019 is $.
c. on the sale of the asset in 2019 is $

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On november 4, 2017, blue company acquired an asset (27.5-year residential real property) for $200,0...
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