To do: The following 3 scenarios are separate from one another. Use the given information to determine the basis in each scenario. Each scenario is worth 5 points.		Basis
Scenario 2: Basis of Inherited Property	Benjamin received an inheritance from his grandfather. As part of that inheritance, he received 20% interest in the family business, the Cozy Cat Caf. Benjamin's grandfather paid $20,000 for his ownership interest in the business and at his time of death it had a fair market value of $320,000. What is Benjamin's basis of the inherited property?