On April 5, 2017, Ryan received land and a building from Thom as a gift. Thom's adjusted basis and the fair market value at the date of the gift are as follows:

Asset	Adjusted Basis			FMV
Land	$40,000			$35,000
Building	110,000			90,000

 

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Thom paid gift tax of $8,000 on the transfer. When required, round any division to four decimal places. Round final answers to the nearest dollar. a. Determine Ryan's adjusted basis for the land and building. Ryan's basis for gain: Ryan's adjusted basis for the land is $ 93,340 Ryan's adjusted basis for the building is $ 240,000 Ryan's basis for loss: Ryan's adjusted basis for the land is $ Ryan's adjusted basis for the building is $ b. Assume instead that the fair market value of the land was $53,000 and that of the building was $120,000. Determine Ryan's adjusted basis for the land and building. Ryan's total basis for the assets received from Thom is $ Ryan's adjusted basis for the land is $ 53,000 Ryan's adjusted basis for the building is $ 120,000 Thom paid gift tax of $8,000 on the transfer. When required, round any division to four decimal places. Round final answers to the nearest dollar. a. Determine Ryan's adjusted basis for the land and building. Ryan's basis for gain: Ryan's adjusted basis for the land is $ 93,340 Ryan's adjusted basis for the building is $ 240,000 Ryan's basis for loss: Ryan's adjusted basis for the land is $ Ryan's adjusted basis for the building is $ b. Assume instead that the fair market value of the land was $53,000 and that of the building was $120,000. Determine Ryan's adjusted basis for the land and building. Ryan's total basis for the assets received from Thom is $ Ryan's adjusted basis for the land is $ 53,000 Ryan's adjusted basis for the building is $ 120,000

Answer rating: 100% (QA)

b Assume instead that the fair market value of the l... View the full answer