Determine the cost recovery deduction for the year, Cost Accounting

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Determine the cost recovery deduction for the year

Question: Pat purchased a new commercial building on June 20, 2022, for $7,000,000. $1,000,000 of the purchase price is allocated to land. On April 20, 2029, the building is sold. Determine the cost recovery deduction for the year of purchase and for the year of sale.

Cost recovery - 2022: ___________________

Cost recovery - 2029: ___________________

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Cost Accounting: Determine the cost recovery deduction for the year

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