On July 31, 2018, 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 Adjusted Basis FMV

Land $200,000 $260,000

Building 640,000 700,000

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 $ .

Jessica-Anne's adjusted basis for the land is $ .

Jessica-Anne's adjusted basis for the building is $ .

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 $ .

Jessica-Anne's adjusted basis for the building is $ .

Jessica-Anne's basis for loss:

Jessica-Anne's adjusted basis for the land is $ .

Jessica-Anne's adjusted basis for the building is $ .