Business, 03.04.2021 04:50 cyberdac01

On November 4, 2018, Blue Company acquired an asset (27.5-year residential real property) for $200,000 for use in its business. In 2018 and 2019, respectively, Blue deducted $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 2018 and 2019, respectively. On January 1, 2020, the asset was sold for $180,000. A. The adjusted basis of the asset at the end of 2019 is $.
B. The cost recovery deduction for 2020 is $.
C. Theon the sale of the asset in 2020 is $.

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On November 4, 2018, Blue Company acquired an asset (27.5-year residential real property) for $200,0...