Business, 18.03.2021 01:20 jaffeisabel

On July 31, 2020, Jessica-Anne received land and a building from Janice as a gift. Janice's adjusted basis and the fair market value at the date of the gift are as follows: Asset Adjusted Basis FMV Land $200,000 $260,000 Building 640,000 700,000 Janice paid gift tax of $60,000 on the transfer. Round any division to four decimal places. Round your final answers to the nearest dollar. a. Determine Jessica-Anne's adjusted basis for the land and building.
Jessica-Anne's total basis for the assets received from Janice is $.
Jessica-Anne's adjusted basis for the land is $.
Jessica-Anne's adjusted basis for the building is $.
b. Assume instead that the fair market value of the land was $190,000 and that of the building was $625,000. Determine Jessica-Anne's adjusted basis for the land and building. Jessica-Anne's basis for gain:.
Jessica-Anne's adjusted basis for the land is $.
Jessica-Anne's adjusted basis for the building is $.
Jessica-Anne's basis for loss: Jessica-Anne's adjusted basis for the land is $.
Jessica-Anne's adjusted basis for the building is $.

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On July 31, 2020, Jessica-Anne received land and a building from Janice as a gift. Janice's adjusted...

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