Question 1 Jack buys a car from his employer for $7,000. The fair value of the car is $10,000 and it basis to the employer is $12,000. What is jack's basis in the car? TTTF Paragraph 4 Arial A 3 (12pt) A - T- Jack purchased a new house 3 years ago. The purchase price were the following: Purchase price $280,000, Title fees $700, Recording Fees $300, Survey Fee $1,000, Appraisal Fees $250, Escrow fees $500 Additional renovations $27,000, His home office expenses $3,000 What is Jacks adjusted basis in the house