1. Which of the following persons is not a "family member" for purposes of the related party rules?
1) Grandparent
2) Sister
3) Son
4) Mother
5) All of the above are family members
2. A taxpayer pays $200,000 for real property. The market value of the land and building purchased are $120,000 and $180,000, respectively. The taxpayer's basis in the land and building are:
1) $120,000 and $180,000, respectively.
2) $180,000 and $120,000, respectively.
3) $120,000 and $80,000, respectively.
4) $80,000 and $120,000, respectively.
5) None of the above.