Problem 7-17 (b) (LO. 3) On July 31, 2020, 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 FMV Land Adjusted Basis $200,000 640,000 $260,000 Building 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 s 214,286 X Jessica-Anne's adjusted basis for the land is 685,714 X Jessica-Anne's adjusted basis for the building is s 685714 X