1. Henry, age 19, inherits a strip mall worth $750,000 from his late father with no mortgage outstanding. He decides to take out a nonrecourse mortgage on the property in the amount of $600,000. He uses $100,000 of the proceeds to do a refresh of the propertys exterior and another $200,000 to add air conditioning to all of the units, which it had never had. The other $300,000 was used to buy cars, boats, and motorcycles for Henrys personal pleasure. What is Henrys basis in the strip mall?