(Answered) Janet purchased her personal residence in 2005 for 240000

Accounting

Janet purchased her personal residence in 2005 for $240,000. In January 2015, she converted it to rental property. The fair market value at the time of conversion was $200,000. Determine the amount of cost recovery that can be taken in 2015. Determine the amount of cost recovery that could be taken in 2015 if the fair market value of the property were $315,000.

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