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  3. (c) $5,086 d. $280 [9] jay was given jewelry i

(c) $5,086 D. $280 [9] Jay was given jewelry in the...

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Accounting

(c) $5,086
D. $280
[9] Jay was given jewelry in the current year. At the time of the gift, the jewelry had a FMV of $20,000 and an adjusted basis to the donor of $5,000. The donor paid a tax of $800 on the gift. Ignoring any annual exclusion, what is Jay's basis in the jewelry?
A. $20,800
B. $5,600
C. $5,800
D. $20,000
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