n September 18, 2018, Gerald received land and a building from Frank as a gift. Frank's adjusted basis and the fair market value at the date of the gift are as follows:

Asset	Adjusted Basis			FMV
Land	$100,000			$212,000
Building	80,000			100,000

No gift tax was paid on the transfer.

Do not round any division. Round your final answer to the nearest dollar.

a. Determine Gerald's adjusted basis for the land and building.

Gerald's adjusted basis for the land is $.

Gerald's adjusted basis for the building is $.

b. Assume instead that the fair market value of the land was $87,000 and that of the building was $65,000. Determine Gerald's adjusted basis for the land and building.

Gerald's basis for gain:

Gerald's adjusted basis for the land is $.

Gerald's adjusted basis for the building is $.

Gerald's basis for loss:

Gerald's adjusted basis for the land is $.

Gerald's adjusted basis for the building is $.