In June 2010,Debra Makes a Gift of Securities (Basis of $613,000;fair

question 123

Multiple Choice

In June 2010,Debra makes a gift of securities (basis of $613,000;fair market value of $913,000) to her uncle,upon which a gift tax of $60,000 is paid.The uncle dies in July 2012,when the securities are worth $950,000.Under the terms of the uncle's will,the securities return to Debra.Debra's income tax basis in the securities is:

• A)$613,000.
• B)$633,000.
• C)$950,000.
• D)$970,000.
• E)None of the above.

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