On October 7, 2012, Grace Gems Purchased a Going Business

Multiple Choice

On October 7, 2012, Grace Gems purchased a going business for the lump-sum price of $200,000. fte fair market values of the assets Grace purchased were as follows: What is Grace's basis in the building?

A) $90,000
B) $95,000
C) $100,000
D) $102,500
E) None of the above