An apartment building is purchased on the following terms. Cash down payments $50,000, assumption of second mortgage $60,000 and first mortgage note of $400,000, attorney's fee of $1,500, title policy of $210, recording fee of $50, documentary stamp of $590 and accumulated depreciation of $4700. What is the initial tax base?

Answer rating: 100% (QA)

To calculate the initial tax base we need to add up all the costs ... View the full answer