Thanks for the reply.
One clarification because it makes a difference due to different exchange rates for different years.
You gave 80 FMV (this is local currency not USD) as basis but is that based on 50 in year X and 30 in year Y for the cap improvement
or just 80 in year Y based on the FMV at the time?
If you convert the 80 for year Y into USD it is different than 50 in year X and 30 in year Y into USD.
