Curt has owned the following assets for a number of years which he gives to his daughter Carla. No gift tax results.

		Fair Market
	Basis	Value
Land	$200,000	$400,000
Securities	800,000	600,000

If Carla immediately sells these assets for $1 million ($400,000 + $600,000), she recognizes:

	a.	No gain or loss.
	b.	A $200,000 LTCG and no loss.
	c.	A $200,000 STCG and $200,000 STCL.
	d.	A $200,000 STCG and no loss.