Miriam gifted property to her brother Aaron on January 25, 2016 at which time it had a fair market value of $35,000. Miriam had an adjusted basis in the property of $40,000. Assume that Aaron sold the property on June 20, 2016 for $90,000.
What amount should Aaron use for his basis?
a. ​$90,000
b. ​$40,000
c. ​None of the above
d. ​$0
e. ​$35,000