Ariel's grandmother, Mariam, gave her a diamond ring as a gift, which Mariam's husband had given her
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Question:
Ariel's grandmother, Mariam, gave her a diamond ring as a gift, which Mariam's husband had given her at the birth of their first child. The original cost of the ring was $3,000. At the time Ariel received the ring, the fair market value was $4,000. What is Ariel's basis for the ring?
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