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Which one of these statements regarding the basis of a gift received by a taxpayer...

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Accounting

Which one of these statements regarding the basis of a gift received by a taxpayer is CORRECT?
A)
A taxpayers basis in property received as a gift receives a step-up in basis.
B)
A taxpayers basis in property received as a gift is not relevant since there are no tax consequences involved.
C)
A taxpayers basis in property received as a gift is generally its fair market value on the day the gift is completed.
D)
A taxpayers basis in property received as a gift is typically the same basis as that of the person who gave the taxpayer the gift.

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