On September 18,2013,Jerry received land and a building from Ted as a gift.Ted had purchased the land and building on March 5,2010,and his adjusted basis and the fair market value at the date of the gift were as follows:
$\begin{array}{lcc}
\text { Assset } & \text { AdjustedBasis } & \text { FMV } \
\hline \text { Land } & \$ 150,000 & \$ 200,000 \
\text { Buildling } & 90,000 & 100,000
\end{array}$ Ted paid gift tax on the transfer to Jerry of $100,000.
a. Determine Jerry's adjusted basis and holding period for the land and buidding
b. Assume instead that the FMV of the land was $ \$ 89,000 $ and the FMV of the building was $ \$ 60,000 $. Determine Jerry's adjusted basis and holding period for the land and building

Question

On September 18,2013,Jerry received land and a building from Ted as a gift.Ted had purchased the land and building on March 5,2010,and his adjusted basis and the fair market value at the date of the gift were as follows:
 $\begin{array}{lcc}
\text { Assset } & \text { AdjustedBasis } & \text { FMV } \
\hline \text { Land } & \$ 150,000 & \$ 200,000 \
\text { Buildling } & 90,000 & 100,000
\end{array}$ Ted paid gift tax on the transfer to Jerry of $100,000.
 a. Determine Jerry's adjusted basis and holding period for the land and buidding
b. Assume instead that the FMV of the land was $ \$ 89,000 $ and the FMV of the building was $ \$ 60,000 $. Determine Jerry's adjusted basis and holding period for the land and building

Quizplus · Accepted Answer

The Answer of On September 18,2013,Jerry received land and a building from Ted as a gift.Ted had purchased the land and building on March 5,2010,and his adjusted basis and the fair market value at the date of the gift were as follows:
 $\begin{array}{lcc}
\text { Assset } & \text { AdjustedBasis } & \text { FMV } \
\hline \text { Land } & \$ 150,000 & \$ 200,000 \
\text { Buildling } & 90,000 & 100,000
\end{array}$ Ted paid gift tax on the transfer to Jerry of $100,000.
 a. Determine Jerry's adjusted basis and holding period for the land and buidding
b. Assume instead that the FMV of the land was $ \$ 89,000 $ and the FMV of the building was $ \$ 60,000 $. Determine Jerry's adjusted basis and holding period for the land and building

On September 18,2013,Jerry Received Land and a Building from Ted