Question: On July 1 6 , 2 0 2 4 , Logan acquires land and a building for $ 5 0 0 , 0 0 0

On July 16,2024, Logan acquires land and a building for $500,000 to use in his sole proprietorship. Of the purchase price, $400,000 is allocated to the building, and $100,000 is allocated to the land. Cost recovery of $4,708 is deducted in 2024 for the building (nonresidential real estate).

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