Question
Please help me Ryan received land and a building from Thom as a gift. Thom's adjusted basis and the fair market value at the date
Please help me
Ryan received land and a building from Thom as a gift. Thom's adjusted basis and the fair market value at the date of the gift are as follows:
Asset Adjusted Basis FMV
Land $40,000 $35,000
Building 110,000 90,000
Thom paid 8,000 gift tax was paid on the transfer.
A. Determine Geralds adjusted basis for the land and building.
Ryan's basis for gain:
Ryan adjusted basis for the land is ________?
Ryan adjusted basis for the building is _____?
Ryan's basis for loss:
Ryan adjusted basis for the land is ________?
Ryan 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 $120,000.
Determine Geralds adjusted basis for the land and building.
Ryan total basis for assets received from Thom is ________?
Ryan adjusted basis for the land is ________?
Ryan adjusted basis for the building is _____?
Thank you in advance
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