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Gail Gumm purchased a piece of land, a building, and two trucks for a lump sum of $630,000

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January 12th, 2018

Gail Gumm purchased a piece of land, a building, and two trucks for a lump sum of $630,000. On the date of purchase, the land had a fair market value of $125,000, the fair market value of the building was $500,000, one truck is valued at $25,000 and the other at $50,000. What is Gail’s basis in the land, the building, and each truck?

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