A company acquired land an attached building for $600,000 on 7/1/08. The appraised value of these two assets is $250,000 for the land and $500,000 for the building. Based on the appraisal, how much of the $600,000 cost should the company allocate to the land?

I got $200,000 for the land, can anyone tell me if this is correct. If not, is there a easier formula that just plugging in percentages?

It's correct, and using percentages is the only way to do it. You must first figure what proportion of the total appraised value is the land (.33333 or 1/3) and then apply that to the purchase price. It's pretty much the only way to do it. I leave it in the calculator and just keep going, i.e. 250,000/750,000 * 600,000 straight through. So you don't have to call it a percentage if you don't like them. :-)