I purchased a building a while back and subsequently signed a land lease deal with a bank tenant who tore my building down and built their own to meet their needs (at their expense). They have since then moved out of the building at the end of their lease and the building is now vacant. I am in the process of selling this land/building, what will be my cost basis? Can I revert to the original building purchase price or the new building cost, or is it now zero since the original building does not exist anymore? Thank you in advance.
