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Janet purchased her personal residence in 2013 for $120,000. In January 2023, she converted it...

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Accounting

Janet purchased her personal residence in 2013 for $120,000. In January 2023, she converted it to rental property. The fair market value at the time of conversion was $100,000.(Use Table 6A-6)
Required:
Determine the amount of cost recovery that can be taken in 2023.
Determine the amount of cost recovery that could be taken in 2023 if the fair market value of the property were $180,000.

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