Kent Knobe Gave Larry Lawson a Gift Having a Fair

Kent Knobe gave Larry Lawson a gift having a fair market value of $133,000 on February 14, 2012. Kent had purchased the gift property in 2004 for $93,000, the taxable gift was $120,000, and paid a gift tax of $15,000. What is Larry's basis in the property?

A) $93,000
B) $120,000
C) $98,000
D) $108,000
E) $133,000