Question

emily purchased a building to store inventory for her business. the purchase price was $760,000. emily also paid legal fees of $300 to acquire the building. in march, emily incurred $2,000 to repair minor leaks in the roof (from storm damage earlier in the month) and $5,000 to make the interior suitable for her finished goods.

Answer 1

$572,045 cost basis,

computed as follows:

Purchase price $565,000

Improvements 6,300

Legal fees 745

The cost basis for the building is $572,045

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