Christine makes a gift of stock (basis of $700,000; fair market value of $1,000,000)to her son,Jordan.As a result of the transfer,Christine paid a gift tax of $100,000.What is Jordan's income tax basis in the stock if the gift occurred in:
a.1976?
b.2008?

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The Answer of Christine makes a gift of stock (basis of $700,000; fair market value of $1,000,000)to her son,Jordan.As a result of the transfer,Christine paid a gift tax of $100,000.What is Jordan's income tax basis in the stock if the gift occurred in:
a.1976?
b.2008?

Christine Makes a Gift of Stock (Basis of $700,000; Fair