Ling Inherited An Empty Commercial Building From Her Mother In August 1992 Her M
Ling inherited an empty commercial building from her mother in August 1992. Her mother had originally bought it in November 1986 for $40,000. It was worth $110,000 when Ling inherited it. In 2018 Ling spent $450,000 to convert the building into two apartments.
What is the cost base (excluding indexation) of the building, if Ling were to sell the two apartments today?
- 1) $490,000
- 2) $450,000
- 3) $560,000
- 4) $40,000
- 5) $110,000
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