Question $53$ of $75.$

When Carter's son went to college, he purchased a property near campus for his son to live in$.$ He paid $$100,000,$ with $$10,000$ of the property value allocated to the land. After his son graduated, Carter decided to keep the house for use as a rental. The fair market value at the time of the conversion was $$115,000.$ What is the basis of the house for depreciation?

$$ $$90,000$

$$100,000$

$$ $$105,000$

$$ $$115,000$