Question: 2019 tax year 3. On June 1 , 2019, Augustus purchased and placed in service a building that cost An appraisal determined that 10% Of

2019 tax year

3. On June 1 , 2019, Augustus purchased and placed in service a building that cost An appraisal determined that 10% Of the total cost was attributed to the value of the land. The bottom floor ofthe building is leased annually to a retail business for $200,000. The other floors of the building are rental apartments with an annual rent of $270,000. If required, round your answers to the nearest dollar. a. How is the property classified for MACRS? b. What is the life of the asset for MACRS? c. What is the cost recovery for 2019?

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