Problem 7 17 (a) (LO 3) On April 5, 2020, 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 gift tax of $8,000 on the transfer When required, round any division to four decimal places Round final answers to the nearest dollar a Determine Ryan's adjusted basis for the land and building Ryan's basis for gain Ryan's adjusted basis for the land is $ 40,000 Ryan's adjusted basis for the building is $ 110,000 Ryan's basis for loss Ryan's adjusted basis for the land is $ 35,000 Ryan's adjusted basis for the building is $ 90,000 Feedbad Check My Work Correct b Assume instead that the fair market value of the land was $53,000 and that of the building was $120,000 Determine Ryan's adjusted basis for the land and building Ryan's total basis for the assets received from Thom is $ X Ryan's adjusted basis for the land is $ X Ryan's adjusted basis for the building is $ X

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Problem 7 17 (a) (LO  3) On April 5, 2020, 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 gift tax of $8,000 on the transfer  When required, round any division to four decimal places  Round final answers to the nearest dollar  a  Determine Ryan's adjusted basis for the land and building  Ryan's basis for gain  Ryan's adjusted basis for the land is $ 40,000 Ryan's adjusted basis for the building is $ 110,000 Ryan's basis for loss  Ryan's adjusted basis for the land is $ 35,000   Ryan's adjusted basis for the building is $ 90,000 Feedbad Check My Work Correct b  Assume instead that the fair market value of the land was $53,000 and that of the building was $120,000  Determine Ryan's adjusted basis for the land and building  Ryan's total basis for the assets received from Thom is $ X  Ryan's adjusted basis for the land is $ X  Ryan's adjusted basis for the building is $ X

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Problem 7-17 (a) (LO. 3) On April 5, 2020, Ryan received land and a building from Thom as a gift. Thom's adjusted basis and the

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