Jane transferred a piece of real estate to her son Christopher 6 months ago. Jane purchased the real estate for $90,000 six years ago and the property was valued at $65,000 on the date of transfer. Jane paid $20,000 in gift tax on the transfer. All of the following statements are true, except: Of Christopher were to sell the property for $60,000 today, then the loss is a short-term capital loss Christopher will have a dual basis for income tax purposes a Christopher's basis will be adjusted for a portion of the gift tax paid Oif Christopher sold the property for $120,000 after holding it for 5 years, his gain would be $30,000