Christopher makes a gift of securities (basis of $800,000;fair market value of $500,000)to his son,Sandy.As a result of the transfer,Christopher paid a gift tax of $80,000.What is Sandy's income tax basis in the securities if the gift occurred in 2009?

Question

Quizplus · Accepted Answer

The Answer of Christopher makes a gift of securities (basis of $800,000;fair market value of $500,000)to his son,Sandy.As a result of the transfer,Christopher paid a gift tax of $80,000.What is Sandy's income tax basis in the securities if the gift occurred in 2009?

Christopher Makes a Gift of Securities (Basis of $800,000;fair Market