determine the adjusted basis, holding period, amount recognized for the following transactions.

1. marlin Jordan inherited property owned by mikael Jordan his grandfather who died in January 2019 when the FMV of the property was 5.8 million. six months after the date of death, the property had a 5.95 million FMV. the property is distributed to marlin Jordan in November.

2. Kevin 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 donors basis, the donees basis for determining both gain and loss.

3. Lawrence purchases an asset by paying cash of 40,000 and signs a note payable to the 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 receives a payment of 300,000 for the land.