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Problem 8-38 (b) (LO. 2) On June 1, 2018, Augustus purchased and placed in service...

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Problem 8-38 (b) (LO. 2) On June 1, 2018, Augustus purchased and placed in service a building that cost $3,000,000. An appraisal determined that 10% of the total cost was attributed to the value of the land. The bottom floor of the building is leased annually to a retail business for $200,000. The other floors of the building are rental apartments with an annual rent of $270,000 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 estate b. What is the life of the asset for MACRS? 39 years c. What is the cost recovery for 2018? 470,000 X

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