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. This is for the United States		Basis
Scenario: Basis and Spousal Transfer	Lance and Allison jointly own a house together and are in the process of getting a divorce. Both Lance and Allison own 50% of the house, which has a basis of $400,000 and a FMV of $525,000. If the divorce settlement states that Lance will receive full ownership of the house, what is his new basis in the house?