Gift property (disregarding any adjustment for gift tax paid by the donor):

a.	Has no basis to the donee because he or she did not pay anything for the property.
b.	Has the same basis to the donee as the donors adjusted basis if the donee disposes of the property at a gain.
c.	Has the same basis to the donee as the donors adjusted basis if the donee disposes of the property at a loss, and the fair market value on the date of gift was less than the donors adjusted basis.
d.	Has no basis to the donee if the fair market value on the date of gift is less than the donors adjusted basis.
e.	None of the above.