Question: Dave buys a building for $ 2 0 , 0 0 0 cash and assumes a mortgage of $ 8 0 , 0 0 0

Dave buys a building for $20,000 cash and assumes a mortgage of $80,000 on it, what is his basis in the property?
A.
$0
B.
$20,000
C.
$80,000
D.
$100,000

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