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Janet purchased her personal residence in 2010 for $168,000. In January 2020, she converted it to rental property. The fair market value at the time of conversion was $140,000.a. Determine the amount of cost recovery that can be taken in 2020.b. Determine the amount of cost recovery that could be taken in 2020 if the fair market value of the property were $236,000.
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Janet purchased her personal residence in 2010 for $168,000. In January 2020, she converted it to re...
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