Suzanne gave corporate bonds to her child, Benjamin. At the date of gift, Suzanne’s basis in the bonds was \($17,000\) and the bonds’ fair market value was \($12,000.\) No gift taxes were paid on the transfer. What is Benjamin’s basis in the bonds?

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Gain Basis a. $12,000 b. $17,000 Loss Basis $12,000 $17,000 c. $17,000 $12,000 d. $12,000 $17,000