Question 12 of 50. If the fair market value (FMV) of gifted property on the date of the gift is less than the donor's adjusted basis, then the basis used to calculate gain is the Donor's adjusted basis on the date of the gift, plus or minus any required adjustment to basis while the property was held by the donee. Bonor's purehase price. FMV on the date of the gift. Same as the donor's basis