Landon purchased a home for $300,000 three years ago and was recently transferred by his employer to an office located across the country. He had made $20,000 of improvements to the residence, but if he sold the home today, he would only be able to receive $280,000 for the house due to a weak real estate market. Instead of selling the home and realizing a loss, Landon rents the home to a tenant. What is Landon's basis for depreciation purposes? $300,000. $260,000 $280,000. $320,000