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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.
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