Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 01 Nov 2017 My Price 6.00

fair market value

57.              On September 18, 2015, 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

Land

$100,000

$212,000

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 basis for the land and building.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Nov 2017 07:11 PM My Price 6.00

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