In 2011, Pam makes a gift of land (basis of $313,000; fair market value of $913,000) to her granddaughter, Tracy. As a result of the transfer, Pam paid a gift tax of $45,000. Tracy's income tax basis in the land is:

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The Answer of In 2011, Pam makes a gift of land (basis of $313,000; fair market value of $913,000) to her granddaughter, Tracy. As a result of the transfer, Pam paid a gift tax of $45,000. Tracy's income tax basis in the land is:

In 2011, Pam Makes a Gift of Land (Basis of $313,000;