Bob Mapp gave his daughter a limited partnership interest in a real estate activity. Suspended losses amounted to $30,000. Bob's adjusted basis at the time of the gift was $40,000 ( fair market value was greater than $40,000). What is the daughter's basis in the property?

Question 4 options:

1)

$40,000

2)

$30,000

3)

$70,000

4)

None of these.