Durwin receives a house as a gift from his father. His fathers basis in the house and the land is $90,000. On the date of the gift, the land and house have a fair market value of $40,000 and $80,000, respectively. No gift tax is paid by Durwins father at the time of the gift.

a) To determine gain on sale of the gifted property, what is Durwins basis in the land?

b) To determine gain on sale of the gifted property, what is Durwins basis in the house?

c) Will the basis of the land and house be the same as in parts (a) and (b) for purposes of determining a loss on their sale?