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On March 3, 2019, Sally purchased and placed in service a building costing $12,000,000.The building has 10 floors.
The bottom three floors are rented out to businesses.The top seven floors are residential apartments.The gross rents from the businesses are $60,000 and the gross rents from the apartments are $110,000.Determine Sally's cost recovery for the building in 2019.
Ability-To-Pay Principle
A taxation principle suggesting that taxes should be levied according to an individual or entity's ability to bear the tax burden, often measured by income or wealth.
First-Impression Error
A first-impression error occurs when an interviewer makes a decision too early in the interview process. This error may significantly affect a decision even when subsequent information indicates the first impression may have been wrong.
Correspondent
A journalist or reporter who contributes news or articles from a remote location, often specializing in a particular field or geographic area.
Crime Beat Reporter
A journalist specializing in reporting on criminal incidents, investigations, and the justice system.
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