Gift Property (Disregarding Any Adjustment for Gift Tax Paid by the Donor)

question 281

Multiple Choice

Gift property (disregarding any adjustment for gift tax paid by the donor) :

• A) Has no basis to the donee because he or she did not pay anything for the property.
• B) Has the same basis to the donee as the donor's adjusted basis if the donee disposes of the property at a gain.
• C) Has the same basis to the donee as the donor's adjusted basis if the donee disposes of the property at a loss, and the fair market value on the date of gift was less than the donor's adjusted basis.
• D) Has no basis to the donee if the fair market value on the date of gift is less than the donor's adjusted basis.
• E) None of the above.

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