As to property received as a gift,a donee's income tax basis for gain or loss is the same.

Name: As to property received as a gift,a donee's income tax basis for gain or loss is the same.
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The donee's basis for gain is generally the donor's adjusted basis at the time of the gift, while the basis for loss is the lesser of the donor's adjusted basis or the fair market value at the time of the gift.

As to Property Received as a Gift,a Donee's Income Tax