Morris Chevy purchased a horse farm in Ocala, Florida. $10,000 of the purchase price was properly allocated to the barn. Several months after the purchase, Morris built an addition to the barn at a cost of $2,000. In the subsequent year, Morris expended $800 to paint the barn, repair broken windows, and have the inside thoroughly cleaned. 

What is Morris's basis in the barn at the end of the second year, excluding depreciation?

Answer rating: 100% (QA)

Morriss basis in the barn at the end of the second year excluding depreciation is ... View the full answer