1. On January 1 of the current year, Armando received a gift of land from his father. At the time of the gift, the property had a fair market value of $120,000 and an adjusted basis of $180,000. Armandos father paid a gift tax on the property of $24,000. On December 31 of the current year, Armando sold the land for $100,000. For purposes of determining his gain or loss on the sale, what is the amount of Armandos basis in the property?

   		$120,000
   		$128,000
   		$132,000
   		$180,000
   		$188,000