XYX acquires an office building for $7,000,000 and incurs $100,000 of acquisition costs. He obtains an interest-only mortgage for $3,000,000 and uses his own money for the rest. Tax records indicate the appraised value of the property is $1 million for the land and $3 million for the building.

what is the basis of the land?

of the total basis how much is allocated to land, and allocated to building?

what is the annual depreciation