Which of the following statements is true regarding the basis of property acquired by gift?

a. The split basis rule requires the taxpayer to divide the basis of the gifted asset and allocate it based on its fair market value.

b. The split basis rule means that the property has the same basis for determining gains and losses upon disposition.

c. The split basis rule means that the property has one basis for determining gains and a separate basis for determining losses upon disposition.

d. The split basis rule allows for the transfer of unrealized losses from one taxpayer to another by gift.