On April 5, 2019, Ryan received land and a building from Thom as a gift. Thom's...
On April 5, 2019, Ryan received land and a building from Thom as a gift. Thom's adjusted basis and the fair market value at the date of the gift are as follows:
|
Asset |
Adjusted Basis |
FMV |
||||
|
Land |
$40,000 |
53,000 |
||||
|
Building |
110,000 |
120,000 |
||||
Thom paid gift tax of $8,000 on the transfer.
When required, round any division to four decimal places. Round final answers to the nearest dollar.
Determine Ryan's adjusted basis for the land and building:
1) Ryan's total basis for the assets received from Thom is _______.
2) Ryan's adjusted basis for the land is _______
3) Ryan's adjusted basis for the building is ________
Homework Answers
Part 1
Ryan's total basis for the assets received from Thom = $40000+$110000 = $150000
Part 2
Ryan's adjusted basis for the land = (53000/173000)*150000 = $45954
Part 3
Ryan's adjusted basis for the building = (120000/173000)*150000 = $104046
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