Abigail makes a gift of stock (basis of $600,000;fair market value of $1,200,000)to her son,Spencer.As a result of the transfer,Abigail paid a gift tax of $120,000.What is Spencer's income tax basis in the stock if the gift occurred in 2012?

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The Answer of Abigail makes a gift of stock (basis of $600,000;fair market value of $1,200,000)to her son,Spencer.As a result of the transfer,Abigail paid a gift tax of $120,000.What is Spencer's income tax basis in the stock if the gift occurred in 2012?

Abigail Makes a Gift of Stock (Basis of $600,000;fair Market