What is the basis of gifted property to calculate loss on the sale if the fair market value (FMV) of the property on the date of the gift is less than the donor's adjusted basis?

A) The lower of FMV of the property or 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 donor's purchase price.

D) The FMV of the property on the date of the gift.