Cost of acquisition where only land is sold after demolishing the building

This discussion explores how to determine the cost of acquisition for land sold after a building was demolished. The key question is how to value the property as of April 1, 2001, especially when the land and building were purchased together in 1960. The consensus suggests using the Fair Market Value (FMV) as of April 1, 2001, but there's a debate on whether to include the building's FMV or just the land's. The condition of sale (demolishing the building) might necessitate researching relevant case law.