Jacob makes a gift of property basis of $100,000; fair market value of $500,000) to his aunt, Mary. Ten months later and when the property is worth $550,000, Mary dies. Under Mary's will, the property passes to Isabella Jacob's wife). Isabella's basis in the property is $550,000.

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The Answer of Jacob makes a gift of property basis of $100,000; fair market value of $500,000) to his aunt, Mary. Ten months later and when the property is worth $550,000, Mary dies. Under Mary's will, the property passes to Isabella Jacob's wife). Isabella's basis in the property is $550,000.

Jacob Makes a Gift of Property Basis of $100,000; Fair