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 2011, 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:

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The Answer of 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 2011, 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:

In June 2010, Debra Makes a Gift of Securities (Basis