When Lorraine sent her son Aidan to college, she purchased a house near campus for $ 110000.
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Question:
When Lorraine sent her son Aidan to college, she purchased a house near campus for $ 110000. Empty lots in the area sold for approximately $ 10000 at the time. After Aidan graduated, Lorraine decided to keep the house for use as a rental. The fair market value at the time of the conversion was $ 171000, and the price of the land had risen to $ 20000. What is the basis for depreciation of the house?
$90000
$100000
$ 110000
$ 171000
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