On May 1, 2021, taxpayer receives stock from an estate. Taxpayer had gifted the property to the decedent on June 2, 2020, when the stock had a basis of $40,000. The FMV of the stock at the time at the time of decedent's death, July 1, 2020, is $60,000. On January 1, 2021, the stock is valued at $90,000. When the stock is distributed, it is deemed to be worth $125,000. What is the taxpayer's basis in the stock if the executor makes no elections?
