Question: Problem 8-32 (Algorithmic) (LO. 1, 2) Jos purchased a house for $189,900 in 2013. He used the house as his personal residence. In November 2016,

Problem 8-32 (Algorithmic) (LO. 1, 2)

Jos purchased a house for $189,900 in 2013. He used the house as his personal residence. In November 2016, when the fair market value of the house was $350,800, he converted the house to rental property.

Complete the items below.

If required, round your answers to the nearest dollar.

Click here to access the depreciation tables in the textbook.

a. What is Jos's basis for cost recovery of the property?

b. Under MACRS, the cost recovery period for residential rental real estate is 27.5 years, and it is subject to the mid-month convention.

c. What is the cost recovery for 2016

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