Joe has a one-third interest in the partnership ABC Associates. There are no employment contracts for the partners. Joe and his partners believe that the value of ABC Associates is approximately $3 million. The largest tangible asset of the firm is its building. The building and land were purchased in 1995 for $250,000, and $150,000 was allocated to the building and $100,000 to the land. An additional building has been added at a cost of $80,000, and the current value of the total real estate is estimated to be $900,000. The firm has a mortgage balance on the building and land of $115,000. The partnership has been depreciating the building for tax purposes under the MACRS (39-year straight line) cost recovery system and the current accumulated depreciation is $125,000. What is the adjusted basis in the building that ABC Associates owns