Which one of these statements regarding the basis of a gift received by a taxpayer is CORRECT?

A$)$

A taxpayer$$s basis in property received as a gift receives a step$-$up in basis.

B$)$

A taxpayer$$s basis in property received as a gift is not relevant since there are no tax consequences involved.

C$)$

A taxpayer$$s basis in property received as a gift is generally its fair market value on the day the gift is completed.

D$)$

A taxpayer$$s basis in property received as a gift is typically the same basis as that of the person who gave the taxpayer the gift.