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On May 5, 2022, Christy purchased and placed in service a hotel. The hotel cost...

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Accounting

On May 5, 2022, 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 2022 and 2032. 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? Residential rental real estate b. What is the life of the asset for MACRS? 39 years c. Calculate Christy's cost recovery deductions for 2022 and 2032. 2022: $fill in the blank 3 2032: $fill in the blank 4

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