Merwyn makes a gift of securities (basis of $700,000; fair market value of $600,000)to his daughter,Marian.As a result of the transfer,Merwyn paid a gift tax of $60,000.What is Marian's income tax basis in the securities if the gift occurred in:
a.1976?
b.2008?

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The Answer of Merwyn makes a gift of securities (basis of $700,000; fair market value of $600,000)to his daughter,Marian.As a result of the transfer,Merwyn paid a gift tax of $60,000.What is Marian's income tax basis in the securities if the gift occurred in:
a.1976?
b.2008?

Merwyn Makes a Gift of Securities (Basis of $700,000; Fair