Nigel received half an acre of land as a gift from his father. His father originally purchased the land for $15,000 and the FMV at the time of the gift was $14,000. Nigel subsequently sold the land for $13,000. What is Nigel’s basis in the land at the time of sale?
Select one:
a. $14,000
b. $16,000
c. $13,000
d. $15,000