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Janet purchased her personal residence in 2005 for $334,000. In January 2015, she converted it to rental property. The fair market value at the time of conversion was $280,000. (Use Table 6A-6) (Round your answer to 2 decimal places.)
a. Determine the amount of cost recovery that can be taken in 2015.
b. Determine the amount of cost recovery that could be taken in 2015 if the fair market value of the property were $426,500.
How would your answer change if they also receive an insurance check in the same year for $8,000 to compensate them for the documented theft
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