Andrew makes a gift of securities (basis of $1,100,000;fair market value of $800,000)to his son,Carl.As a result of the transfer,Andrew paid a gift tax of $80,000.What is Carl's income tax basis in the securities if the gift occurred in 2012?

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The Answer of Andrew makes a gift of securities (basis of $1,100,000;fair market value of $800,000)to his son,Carl.As a result of the transfer,Andrew paid a gift tax of $80,000.What is Carl's income tax basis in the securities if the gift occurred in 2012?

Andrew Makes a Gift of Securities (Basis of $1,100,000;fair Market