Jose, a married taxpayer, has successfully built his property development company and he is interested in further
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Jose, a married taxpayer, has successfully built his property development company and he is interested in further expanding his real estate portfolio. As a result of a thorough investigation into a new block of properties, Mason settled and acquired a nonresidential building on September 19, 2020, for $1,000,000. The was building was subsequently sold on June 21, 2021, for $1,200,000. What was the adjusted basis of the building at the time of the sale? Round your answer to the nearest dollar. Group of answer choices
$1,000,000
$992,510
$980,758
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