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On July 31, 2020, Jessica-Anne received land and a building from Janice as a gift. Janice's...

On July 31, 2020, 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:

Asset Adjusted Basis FMV
Land $200,000 $260,000
Building 640,000 700,000

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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