Basis for land and improvements

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Reference no: EM13148642

Levi purchases land for $110,000. He incurs legal fees of $1,000 associated with the purchase. He subsequently incurs additional legal fees of $4,000 in having the land rezoned from agricultural to residential. He subdivides the land and installs streets and sewers at a cost of $100,000. What is Levi's basis for the land and the improvements?

a. $110,000.

b. $210,000.

c. $211,000.

d. $215,000.

e. None of the above.

Reference no: EM13148642

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