Question: Problem 4 - 3 7 ( LO . 7 ) On May 5 , 2 0 2 4 , Christy purchased and placed in service

Problem 4-37(LO.7) On May 5,2024, Christy purchased and placed in service a hotel. The hotel cost $10,800,000, and the land cost $1,200,000($12,000,000 in total). Calculate Christy's cost recovery deductions for 2024 and 2034. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a.How is the property classified for MACRS? Nonresidential real estateResidential rental real estateNonresidential real estate b.What is the life of the asset for MACRS? 39 years27.5 years31.5 years15 years39 years c.Calculate Christy's cost recovery deductions for 2024 and 2034.2024: $fill in the blank 32034: $fill in the blank 4 Feedback Area Feedback

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