Question 72 of 75. When Erik's son went to college, he purchased a property for his son near campus for $100,000. At the time, the property tax assessment allocated 10% of the property value to the land. After his son graduated, Erik decided to keep the house for use as a rental. The fair market value at the time of the conversion was $150,000, but now the tax assessment allocated 35% to land value. The basis for depreciation of the house is $90,000 $97,500 $100,000 $150,000