ndrew makes a gift of securities (basis of $1.100,000; fair market value of s800,000) to his son, Carl. What is Carl's income tax basis in the securities i 12. A a, Andrew later sells the securities for $1,200,000 b. Andrew later sells the securities for $600,000 c. Andrew later sells the securities for $900,000 ndrew makes a gift of securities (basis of $1.100,000; fair market value of s800,000) to his son, Carl. What is Carl's income tax basis in the securities i 12. A a, Andrew later sells the securities for $1,200,000 b. Andrew later sells the securities for $600,000 c. Andrew later sells the securities for $900,000