On September 18, 2017, Jerry received land and a building from Ted as a gift. Jerry had purchased the land and building on March 5, 2014, and his adjusted basis and the fair market value at the date of the gift are as follows: Asset Adjusted Basis FMV Land $150,000 $200,000 Building $90,000 $100,000 No gift tax was paid on the transfer.

a. Determine Jerry's adjusted basis and holding period for the land and building.

b. Assume instead that the fair market value of the land was $89,000 and that of the building was $60,000. Determine Jerry's adjusted basis and holding period for the land and building