Using the abstraction method, if a property's total sales price is $350,000 and the cost of improvements less depreciation is $50,000, what is the land value?

In the abstraction method, the land value is determined by subtracting the value of the improvements from the total sales price of the property. In this case, the total sales price is $350,000, and the cost of improvements less depreciation is $50,000.

To find the land value, you would perform the calculation as follows:

1. Begin with the total sales price: $350,000

2. Subtract the value of improvements: $50,000

3. Calculate land value: $350,000 - $50,000 = $300,000

Thus, the land value calculated using the abstraction method is $300,000, making it the correct answer. This method relies on the assumption that the value of a property can be separated into land value and improvement value, allowing for a straightforward determination of land value by using the sales price and the value of the improvements.