General Service Contractor Company paid $200,000 for a house and lot. The value of the land was…

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Cost Basis

General Service Contractor Company paid $200,000 for a house and lot. The value of the land was appraised at $65,000 and the value of the house at $135,000. The house was then torn down at an additional cost of $5,000 so that a warehouse could be built on the lot at a cost of $250,000. What is the total value of the property with the warehouse? For depreciation purposes, what is the cost basis for the warehouse?

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