jack died owning real estate with a value of 500,000. Jack received the property in 2000 as a gift from his father, John. At the time of the gift,the property was worth $250,000. John purchased the property in 1980 for $180,000.Upon Jack's death , the property passed through inheritance to Julie. No estate tax return is due or filed. What is Jack basis in the property before his death and Julie basis in the property?
NOTE: I believe the answers showing on the site to be incorrect based on my understanding of the definition of gift and inherited basis. Please give me a step by step explanation for the answer