Andrew makes a gift of securities (basis of $1,100,000; fair market value of $800,000) to his son, Carl. As a result of the transfer, Andrew paid a gift tax of $80,000. What is Carl's income tax basis in the securities if the gift occurred in 2015?

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The Answer of Andrew makes a gift of securities (basis of $1,100,000; fair market value of $800,000) to his son, Carl. As a result of the transfer, Andrew paid a gift tax of $80,000. What is Carl's income tax basis in the securities if the gift occurred in 2015?

Andrew Makes a Gift of Securities (Basis of $1,100,000; Fair