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On September 18, 2020, Gerald received land and a building from Luna as a gift. No gift tax was paid on the transfer. Luna's
On September 18, 2020, Gerald received land and a building from Luna as a gift. No gift tax was paid on the transfer. Luna's records show the following: Asset Land FMV $212,000 Building Adjusted Basis $100,000 80,000 100,000 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 $
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