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Problem 8-40 (LO. 2) Janice acquired an apartment building on June 4, 2017,...

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Problem 8-40 (LO. 2) Janice acquired an apartment building on June 4, 2017, for $1,600,000. The value of the land is $300,000. Assume Janice sold the apartment building on November 29, 2023. Determine Janice's cost recovery deduction for 2017 and 2023. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. How is the property classified for MACRS? Residential rental real estate b. What is the life of the asset for MACRS? 27.5 years c. Janice's cost recovery deduction for 2017 is and for 2023 is

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