Jerry has purchased a land and building for 500000 the land, Financial Accounting

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Jerry has purchased a land and building for 500000 the land

Jerry has purchased a land and building for 500,000. The land was estimated to be 20% and the building was estimated to be 80% of the total purchase price. Assuming cost recovery of $3,000 for the first year, what is the building's adjusted tax basis at the end of year 1?

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Financial Accounting: Jerry has purchased a land and building for 500000 the land

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Financial Accounting: Jerry has purchased a land and building for 500000 the land

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