7-17 (b) (LO. 3) On July 31, 2020, Jessica-Anne received land and a building from Janice as a gift. Janice's adjusted basis and the fair market value at the date of the gift are as follows: Asset Land Building Adjusted Basis $200,000 640,000 FMV $260,000 700,000 Janice paid gift tax of $60,000 on the transfer. Round any division to four decimal places. Round your final answers to the nearest dollar. a. Determine Jessica-Anne's adjusted basis for the land and building. Jessica-Anne's total basis for the assets received from Janice is $ 214,286 X. Jessica-Anne's adjusted basis for the land is s 214,286 X. Jessica-Anne's adjusted basis for the building is $ 645,142.85 X. Feedback Check My Work Property received by gift can be referred to as dual basis property; that is, the basis for gain and the basis for loss might not be the same amount. b. Assume instead that the fair market value of the land was $190,000 and that of the building was $625,000. Determine Jessica-Anne's adjusted basis for the land and building. Jessica-Anne's basis for gain: Jessica-Anne's adjusted basis for the land is s 200,000 Jessica-Anne's adjusted basis for the building is $ Jessica-Anne's basis for loss: 640,000 . Jessica-Anne's adjusted basis for the land is $ 190,000 . Jessica-Anne's adjusted basis for the building is $ 625,000