As to property received as a gift,a donee's income tax basis for gain or loss may be the same.

Name: As to property received as a gift,a donee's income tax basis for gain or loss may be the same.
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When property is received as a gift, the donee's income tax basis for calculating gain or loss is generally the same as the donor's basis. However, there are some exceptions to this rule, such as when the property's fair market value is less than the donor's adjusted basis.

As to Property Received as a Gift,a Donee's Income Tax