Question 1 of 75. What is the basis of gifted property to calculate gain on the sale if the fair market value (FMV) of the gift on the date of the gift is less than the donor's adjusted basis? O The donor's adjusted basis on the date of the gift. The FMV of the property on the date of the gift. The donor's purchase price. The lower of the donor's adjusted basis or the FMV on the date of the gift