At the beginning of 2010, Pitman Co. purchased an asset for $600,000 with an estimated useful life of 5 years and an estimated salvage value of $50,000. For financial reporting purposes the asset is being depreciated using the straight-line method; for tax purposes the double-declining-balance method is being used. Pitman Co.'s tax rate is 40% for 2010 and all future years. 6. At the end of 2010, what is the book basis and the tax basis of the asset? Book basis Tax basis A) $440,000 $310,000 B) $490,000 $310,000 C) $490,000 $360,000 D) $440,000 $360,000