Bob Mapp gave his daughter a limited partnership interest in a real estate activity. Suspended losses amounted to $30,000. Bob's adjusted basis at the time of the gift was $40,000 ( fair market value was greater than $40,000) . What is the daughter's basis in the property?
A) $40,000
B) $30,000
C) $70,000
D) None of the above.
Correct Answer:
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