Question

On September 18, 2014, Gerald received land and a building from Frank as a gift. Frank's adjusted basis and the fair market value at the date of the gift are as follows:
No gift tax was paid on the transfer.
a. Determine Gerald's adjusted basis for the land and building.
b. Assume instead that the fair market value of the land was $87,000 and that of the building was $65,000. Determine Gerald's adjusted basis for the land and building.


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  • CreatedMay 25, 2015
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