Determine the Adjusted Basis, Holding Period, Amount Recognized for the following transactions.

(12 x .5 =6)

Taxpayer	Basis	Holding Period Long-term vs. Short-term	Amount Recognized
Marlin
Gary
Lavern
Wonder

1. Marlin Jordan inherited property owned by MiKael Jordan his grandfather who dies in January 2019 when the FMV of the property as $5.8 million. Six months after the date of death, the property has a $5.95 million FMV. The property is distributed to Marlin Jordan in November.

2. Kevon Garnet makes a gift of property owned for 2 years with a basis of $535,000 to Gary Peyton, it FMV on that day was $542,500 FMV. If Gary Peyton sells the property for $600,000, he has a realized gain because the FMV of the property at the time of the gift is more than the donor's basis, the donee's basis for determining both a in and loss.

3. Laverne purchases an asset by paying cash of $40,000 and signs a note payable to Shirley for $60,000. She also assumes a $2,000 lien against the property.

4. Wonder owns land held for 5 years with a basis of $200,000. Using eminent domain the land is taken by the city Wonder received a payment of $300,000 for the land.