Question 1 (3 points) Peter received an original painting as a gift from his father in 2019. On the date of the gift, his father's basis in the painting was $300,000 and its fair market value was $500,000. Peter's father paid gift tax of $100,000 as a result of gifting the painting to Peter. Under the circumstances, what is Peter's basis in the painting? a) $300,000 Ob) $340,000. O c) $500,000. O d) $5400,000 Oe) $260,000