Please help me
Ryan received land and a building from Thom as a gift. Thom's adjusted basis and the fair market value at the date of the gift are as follows:
Asset Adjusted Basis FMV
Land $40,000 $35,000
Building 110,000 90,000
Thom paid 8,000 gift tax was paid on the transfer.
A. Determine Gerald’s adjusted basis for the land and building.
Ryan's basis for gain:
Ryan adjusted basis for the land is ________?
Ryan adjusted basis for the building is _____?
Ryan's basis for loss:
Ryan adjusted basis for the land is ________?
Ryan adjusted basis for the building is _____?
B. Assume instead that the fair market value of the land was $87,000 and that of the building was $120,000.
Determine Gerald’s adjusted basis for the land and building.
Ryan total basis for assets received from Thom is ________?
Ryan adjusted basis for the land is ________?
Ryan adjusted basis for the building is _____?
Thank you in advance
Ans- A-Ryan's basis for gain :-
Ryan's adjusted basis for the land is $40,000
Ryan's adjusted basis for the building is $110,000
Ryan/s basis for loss:
Ryan's adjusted basis for the land is $35,000
Ryan's adjusted basis for the building is $90,000
B-Ryan total basis for assets received from Thom is $150,000($40,000+$110,000)
The basis allocated to land and building as follows:
Land-$35,000/125,000*150,000
=$42,000
Building-90,000/ 125,000*150,000
=$108,000
Ryan's adjusted basis for the land is $42,000
Ryan's adjusted basis for the building is $108,000
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