On September 18,2015,Jerry Received Land and a Building from Ted

Essay

On September 18,2015,Jerry received land and a building from Ted as a gift.Ted had purchased the land and building on March 5,2012,and his adjusted basis and the fair market value at the date of the gift were as follows: Asset Adjusted Basis FMV Land $150,000 $200,000 Building 90,000 100,000 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.