14. On December 12, 2019, Jerry received land and a building from James as a gift. James had purchased the land and building on March 5, 2017, and his adjusted basis and the fair market value at the date of the gift were as follows: Asset FMV Land Building Adjusted Basis $110,000 70,000 $200,000 100.000 Ted paid no Federal gift tax on the transfer Determine Jerry's adjusted basis and holding period for the land and building Assume instead that the FMV of the land was $80,000 and the FMV of the building was $55,000. Determine Jerry's adjusted basis and holding period for the land and building. Must show work