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

question 107

Essay

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

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