Sophia Purchases a Completely Furnished Condominium in Breckenridge, Colorado

Multiple Choice

Sophia purchases a completely furnished condominium in Breckenridge, Colorado. She uses the condo as a rental property. Which of the following assets are subject to periodic cost recovery?
I.Land.
II.Furniture.
III.Building.
IV.Trout fishing equipment.
V.Kitchen appliances.
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A) Only statement III is correct.
B) Statements II and III are correct.
C) Statements II, III, IV, and V are correct.
D) Statements I, and III are correct.
E) Statements II, III, and V are correct.