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School

University of Utah *

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Course

5310

Subject

Finance

Date

May 3, 2024

Type

jpeg

Pages

1

Uploaded by joshuadare6 on coursehero.com

On December 8, 2024, Sam received a house and land from Max as a gift. Max had bought the property on May 20, 2022, and the adjusted basis and fair market value at the gift date were as follows: Asset Adjusted Basis FMV Land $120,000 $180,000 Building $80,000 $110,000 Max did not incur any Federal gift tax on the transfer. a. Calculate Sam's adjusted basis and holding period for the house and land. b. Suppose instead that the FMV of the land was $95,000 and the FMV of the building was $65,000. Determine Sam's adjusted basis and holding period for the house and land.
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