Exercise $8-21($Algorithmic$)($LO$.2)$

Lopez acquired and placed in service a building on June $1,2018,$ for $$15,711,200.$ Compute the depreciation deduction assuming the building is classified as $($a$)$ residential and $($b$)$ non residential.

Click here to access the depreciation table to use for this problem.

If required, round your answers to the nearest dollar.

a$.$ Calculate Lopez's cost recovery deduction for $2023$ if the building is classified as residential rental real estate.

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b$.$ Calculate Lopez's cost recovery deduction for $2023$ if the building is classified as nonresidential real estate.

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