Got it, so the depreciation cost basis would be: $548,934, right?
Not quite, as the value of the land is never depreciated. But that is the amount you enter in the "COST" box. Then you enter the value paid for the land in the "COST OF LAND" box. The program (not you) will subtract the cost of the land from your total cost, and that will be the amount to be depreciated over the next 27.5 years.
