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Determine Gerald adjusted basis for the land

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Reference no: EM132670554

Problem - On September 18, 2019, Gerald received land and a building from Frank as a gift. No gift tax was paid on the transfer. Frank's records show the following:

Asset

Adjusted Basis

FMV

Land

$100,000

$212,000

Building

80,000

100,000

Required -

a. Determine Gerald's adjusted basis for the land and building.

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.

Reference no: EM132670554

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