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Problem 7-17 (b) (LO. 3) On July 31, 2018, Jessica-Anne received land and a building...

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Accounting

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Problem 7-17 (b) (LO. 3) On July 31, 2018, Jessica-Anne received land and a building from Janice as a gift. Janice's adjusted basis and the fair market value at the date of the gift are as follows: Adjusted Basis Asset Land Building FMV $260,000 700,000 $200,000 640,000 Janice paid gift tax of $60,000 on the transfer. Round any division to four decimal places. Round your final answers to the nearest dollar. a. Determine Jessica-Anne's adjusted basis for the land and building. Jessica-Anne's total basis for the assets received from Janice is $ Jessica-Anne's adjusted basis for the land is $ Jessica-Anne's adjusted basis for the building is

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