On September 18, 2018, Gerald received land and a building from Frank as a gift. Frank's...
On September 18, 2018, Gerald received land and a building from Frank as a gift. Frank's adjusted basis and the fair market value at the date of the gift are as follows:
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No gift tax was paid on the transfer.
Do not round any division. Round your final answer to the nearest dollar.
a. Determine Gerald's adjusted basis for the land and building.
Gerald's adjusted basis for the land is
Gerald's 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 $65,000. Determine Gerald's adjusted basis for the land and building.
Gerald's basis for gain:
Gerald's adjusted basis for the land is
Gerald's adjusted basis for the building is
Gerald's basis for loss:
Gerald's adjusted basis for the land is
Gerald's adjusted basis for the building is
Homework Answers
a. Gerald's adjusted basis for the land and building :
Gerald's adjusted basis for the land is 100,000
Gerald's adjusted basis for the building is 80,000
b.
Gerald's basis for gain:
Gerald's adjusted basis for the land is 100,000
Gerald's adjusted basis for the building is 80,000
Gerald's basis for loss:
Gerald's adjusted basis for the land is 87,000
Gerald's adjusted basis for the building is 65,000
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