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Problem 5: In 2021. Rob received a residence as a gift from his mother, Joan. At the time of the gift, the residence had a

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Problem 5: In 2021. 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 Joan's basis in the residence was $700,000. Joan paid a tax of $50,000 on the gift. What is Rob's basis in the residence? a. $700,000 b. $725,000 c. $750,000 d. $1,400,000

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