Determine the Adjusted Basis, Holding Period, Amount Recognized for the following transactions (12 x.5 = 6) Taxpayer BASIS HOLDING PERIOD AMOUNT RECOGNIZED Longterm vs Shorterm Marlin Gary Lavern Wonder 1 Marlin Jordan inherited property owned by Mikael Jordan his grandfather who died in January 2019 when the FMV of the property was $5.8 million. Six months after the date of death, the property had 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 gain and loss. 3 Laverne purchases an asset by paying cash of $40,000 and signs a note payable to the Shirley for $60,000. She also assumes a $2,000 lien against the property. Wonder owns land held for 5 years with a basis of $200,000. Using eminent domain the land is taken by the city Wonder receives a payment of $300,000 for the land. 4 7 A- B I SS Taxpayer BASIS HOLDING PERIOD AMOUNT RECOGNIZED Longterm vs