In 2019, Rob received a residence as a gift from his mother, Joan. At the time of the gift, the residence had a fair market value of $1,400,000, and Joans basis in the residence was $700,000. Joan paid a tax of $50,000 on the gift.

What is Robs basis in the residence?

a. $700,000

b. $725,000

c. $750,000

d. $1,400,000