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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
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 ! Jessica-Anne's adjusted basis for the land is $ Jessica-Anne's adjusted basis for the building is s X
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