What is the basis for depreciation of property received by gift, assuming the donee never held the property for personal use?

a.) The donor's adjusted basis, including gift tax paid, on the date of the gift.

b.) The higher of FMV of the property or the donor's adjusted basis, including gift tax paid, on the date of the gift.

c.) The lower of FMV of the property or the donor's adjusted basis, including gift tax paid, on the date of the gift.

d.) The fair market value of the property as of the date of the gift.