On September 18, 2014, Jerry Received Land and a Building

question 193

Essay

On September 18, 2014, Jerry received land and a building from Ted as a gift. Ted had purchased the land and building on March 5, 2011, and his adjusted basis and the fair market value at the date of the gift were as follows:
$$\begin{array} { l r r } \text { Asset } & \text { Adjusted Basis } & \text { FMV } \\\text { Land } & \$ 150,000 & \$ 200,000 \\\text { Building } & 90,000 & 100,000\end{array}$$
Ted paid no gift tax on the transfer to Jerry.
a. Determine Jerry's adjusted basis and holding period for the land and building.
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.

Recognize the relationship between conflict management styles and relationship satisfaction.

Comprehend the advantages and disadvantages of various conflict management styles.

Understand the development and changeability of an individual's conflict style.

Analyze the effectiveness of different strategies in conflict situations, including verbal and non-verbal approaches.

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Definitions:

Promissory Note

A financial document in which one party promises in writing to pay a determinate sum of money to another party under specified terms.

Interest Calculation

The process of determining the amount of interest owed or earned over a specific period, based on the principal amount and the rate of interest.

Notes Receivable

Written promissory notes indicating the amounts due to be paid to the holder, recognized as assets on a company's balance sheet.

Maturity Value

The total amount payable to an investor at the end of a bond's term or the final payment due on a loan, including principal and any accrued interest.