Burkett – Tax 1 – Chapter 9 1Fair Market Value Allocation of Basis Joe paid $120K plus $5K of closing costs (attorney fees, cost of appraisal, title insurance, etc.) for a building and the land on which it was located to be used in his business. The appraisal that was used to secure the loan for the purchase indicated that the FMV of the building was $100K and the land $30K. What is Joe’s basis in the land & the building?
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