no cost basis for the land? then who owns the land.
i have done contractors that do condo projects and when they sold a house they expensed the cost of the house and a portion of the cost of the land they bought to build on. and title conveyance also included the land so who owns the land. even when a condo association (non profit) owns the land its the condo association members that own the land. and that changes when a condo unit is sold. future how could a condo owner have to pay real estate taxes on the value of their condo and land if they don't own the land.
