Thanks all for your guidance.
I purchased some land as an asset in my S-Corp 10 years back. Purchase price was $30,000 which I assume is my basis. In the ten years I owned the land, I cleared, planted 200 grape vines and tended the vineyard. Presently, I have 8 year old mature vines which have a significant value. I believe this increases the basis of the land?
In 2020, I sold this S-Corp asset for $100,000. Can I claim the mature grapes has increased my basis to offset the capital gain? If so. how?
Thank you very much,
Erik
