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If A gifts a house to B(father to son) how is the new(B's) basis calculated. Is it the FMV minus A's adjusted basis? I've been told that a $1.00 consideration for the transfer will make B's basis $1.00! Must the gift be recorded as a $1.00 consideration(as I've been told) or is there a way to record it strictly as a gift so the FMV can be used.Please help.Thanks