In 2011, John gave property with an adjusted basis of $63,000 to Mark when the fair market value was $163,000. Gift taxes paid on the property were $30,000, and the taxable gift was 150,000.
(a) What is the adjusted basis of the property to Mark?
(b) What is the adjusted basis of the property to Mark if adjusted basis of the property to John was $180,000 instead of $63,000?
(c) What is the answer to (a) if the gift had been made in 1975?