On September 18, 2018, Gerald received land and a building from Frank as a gift Frank 's adjusted basis and the fair market value at the date of the gift are as follows No gift tax was paid on the transfer a Determine Geralds adjusted basis for the land and building b Assume instead that the fair m...

On September 18, 2018, Gerald received land and a building from Frank as a gift. Frank's adjusted

Question:

On September 18, 2018, Gerald received land and a building from Frank as a gift. Frank's adjusted basis and the fair market value at the date of the gift are as follows: Asset Adjusted Basis FMV $100,000 $212,000 Land Building 80,000 100,000

No gift tax was paid on the transfer.
a. Determine Gerald’s adjusted basis for the land and building.
b. Assume instead that the fair market value of the land was $87,000 and that of the building was $65,000. Determine Gerald s adjusted basts for die land and building.

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