Problem 7-17 (a) (LO. 3) On April 5, 2018, 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

Thom paid gift tax of $8,000 on the transfer.

b. Assume instead that the fair market value of the land was $53,000 and that of the building was $120,000.

1-Determine Ryan's adjusted basis for the land and building______________

2-Ryan's total basis for the assets received from Thom is $_______________

3-Ryan's adjusted basis for the land is $.____________________

4-Ryan's adjusted basis for the building is $._________________