(TCO 10) Elizabeth makes a gift of land (basis of $313,000; fair market value of $913,000) to her granddaughter, Rachel. As a result of the transfer, Elizabeth paid a gift tax of $45,000. Which of the following is Rachel's income tax basis in the land? (Points : 5)

$343,000 if the gift was made after 1976

$358,000 if the gift was made after 1976

$328,000 if the gift was made after 1976

$313,000 if the gift was made before 1977

None of the above