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Chris, Exactly.  My wife read about the bill and began peppering me with questions.  Each time I had to reply---I don't know because I haven't read the bill and my associations do not send out summaries ...

If the gift was transferred during the donor's life, then the value is cost basis. But then when disposing of  the asset add on major improvements to the property after receiving it.  Did the recipient ...

Kathleen, Probably overthinking.  The estate tax is a tax on the transfer of assets at death.  When a transfer during one's life is reported, the gift tax kicks in.  Method of valuation is the same---FMV ...