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What is the allocation of basis

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Question - A developer buys a property for $3,000,000 and has acquisition costs of $75,000. The property is assessed at $2,850,000, with the land valued at $570,000 and the improvements at $2,280,000. What is the allocation of basis between the land and building improvements?

a. $600,000 for land and $2,400,000 for improvements

b. $570,000 for land and $2,505,000 for improvements

c. $600,000 for land and $2,475,000 for improvements

d. $570,000 for land and $2,430,000 for improvements

e. $615,000 for land and $2,460,000 for improvements

Reference no: EM133076859

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