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Virgil Watson gave his daughter, Holly, a gift of passive activity property. Suspended losses amounted to $30,000 and the property had an adjusted basis of

Virgil Watson gave his daughter, Holly, a gift of passive activity property. Suspended losses amounted to $30,000 and the property had an adjusted basis of $40,000. Also, the property had a fair market value of $75,000 at the time of the transfer. What is Holly's basis in the property?

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