Question 2 of 75. If the fair market value (FMV) of a gift on the date it's given is less than the donor's adjusted basis, what is the basis used to calculate a l- property? The donor's purchase price. The FMV of the property on the date of the gift. The lower of FMV of the property or the donor's adjusted basis, including gift tax paid, on the date of the gift. The higher of FMV of the property or the donor's adjusted basis, including gift tax paid, on the date of the gift. Mark for follow up