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 Land Building Adjusted Basis FMV $35,000 90,000 $40,000 110,000 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 40,000 Ryan's adjusted basis for the building is Ryan's basis for loss: 110,000 V. Ryan's adjusted basis for the land is s35,000 Ryan's adjusted basis for the building is 90,000