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Chris M.
Chris M., M.S.W. Social Work
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1. Mr Pine purchased a small office building in 1998. Included

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1. Mr Pine purchased a small office building in 1998. Included in his costs were the following: <br />Cash down payment                      $50,000 <br />Mortgage on Property Assumed            300,000 <br />Title Insurance                               2,000 <br />Fire Insurance Premiums                     2,000 <br />Transfer Taxes                               1,000 <br />Rent to former owner to allow Mr. Pine to occupy the office building prior to closing    4,000 <br />What is Mr. Pine's basis in the property? <br />A. $359,000 B. $355,000 C. $353,000 D. $350,000

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