Recall from the last question that the real$-$estate holdings company acquired a new property on July $1,2021.$ The company has a fiscal year$-$end of July $31.$ The details on the building and land for the new property are as follows: Building Cost basis $-$ $$40\mathrm{.}0$ million. Useful life $30$ years. Land Cost basis $$ $$10\mathrm{.}0$ million.

Building

Cost Basis $-$ $$40\mathrm{.}0$ million

Useful Life $-30$ years

Land

Cost Basis $-$ $$10\mathrm{.}0$ million