Determine the Adjusted Basis, Holding Period, Amount Recognized for the following transactions.

(12 x .5 =6)

Taxpayer	Basis	Holding Period Longterm vs. Shortterm	Amount Recognized
Marlin
Gary
Lavern
Wonder

1. Marlin Jordan inherited property owned by MiKael Jordan his grandfather who dies in January 2019 when the FMV of the property as $5.8 million. Six months after the date of death, the property has a $5.95 million FMV. The property is distributed to Marlin Jordan in November.

2. Kevon Garnet makes a gift of property owned for 2 years with a basis of $535,000 to Gary Peyton, it FMV on that day was $542,500 FMV. If Gary Peyton sells the property for $600,000, he has a realized gain because the FMV of the property at the time of the gift is more than the donor's basis, the donee's basis for determining both ain and loss.

3. Laverne purchases an asset by paying cash of $40,000 and signs a note payable to Shirley for $60,000. She also assumes a $2,000 lien against the property.

4. Wonder owns land held for 5 years with a basis of $200,000. Using eminent domain the land is taken by te city Wonder received a payment of $300,000 for the land.