Work exercises 30 and 31 in Ch. 13 of the south-western federal taxtion text. with your soluations to each, you must provide specific code or Reg. authority supporting your work. for ecerise 31, there are two questions to each part a. and b., with each solution requiring proper Code or Reg. authority cited.

30 LO 3 Sebastian purchases two pieces of equipment for $100,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $72,000 and that of the second piece of equipment is $108,000. What is Sebastian's basis in these two assets? 31 LO 3 Juliana purchased land in 2013 for $50,000. She gave the land to Tom, her brother, in 2016, when the fair market value was $70,000. No gift tax is paid on the transfer. Tom subsequently sells the property for $63,000. a. What is Tom's basis in the land, and what is his realized gain or loss on the sale? b. Assume instead that the land has a fair market value of $45,000 and that Tom sold the land for $43,000. Now what is Tom's basis in the land, and what is his realized gain or loss on the sale