Problem 7-17 (a) (LO

Problem 7-17 (a) (LO. 3)Asset Adjusted Basis FMV

On April 5, 2020, 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:

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.

Ryan's total basis for the assets received from Thom is

Ryan's adjusted basis for the land is

Ryan's adjusted basis for the building is