Curt owns the following assets which he gives to his daughter Carla. No gift tax results. $\begin{array}{lll}&&\text { Fair Market }\&\text { Basis }&\text { Value }\
\text { Land } & \$ 200,000 & \$ 400,000 \
\text { Securities } & 800,000 & 600,000
\end{array}$ Both items have been held by Curt as an investment for more than one year. If Carla immediately sells these assets for $1 million ($400,000 + $600,000), she recognizes:

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The Answer of Curt owns the following assets which he gives to his daughter Carla. No gift tax results. $\begin{array}{lll}&&\text { Fair Market }\&\text { Basis }&\text { Value }\
\text { Land } & \$ 200,000 & \$ 400,000 \
\text { Securities } & 800,000 & 600,000
\end{array}$ Both items have been held by Curt as an investment for more than one year. If Carla immediately sells these assets for $1 million ($400,000 + $600,000), she recognizes:

Curt Owns the Following Assets Which He Gives to His