O november 4 2011 blue company acquired an asset 275-year

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On November 4, 2011, Blue Company acquired an asset (27.5-year residential real property) for $300,000 for use in its business. In 2011 and 2012, respectively, Blue took $963 and $7,692 of cost recovery. These amounts were incorrect because Blue applied the wrong percentages (i.e., those for 39-year rather than 27.5-year property). Blue should have taken $1,365 and $10,908 of cost recovery in 2011 and 2012, respectively. On January 1, 2013, the asset was sold for $250,000.

a. The cost recovery deduction for 2013 is $ .________________

b. The loss on the sale of the asset in 2013 is $ .______________________

Reference no: EM13577244

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