Several years ago and just prior to retirement, mr. smith purchased 500 shares of abc. at the time of purchase, abc was trading at $45 per share. the price increased over the past few years and was at $60 per share when the rr for mr. smith's account learned that mr. smith had passed away in an automobile accident. mr. smith's will indicated that the shares should be handed over to mr. smith's adult daughter, jane. this took place promptly after mr. smith's death and jane decided to sell the shares several months later when the price had appreciated again to $65 per share. for taxation purposes, what is jane's cost basis on these shares?
[a] since jane did not pay for the shares, there is no cost basis for her at the time of the sale.
[b] jane's cost basis would be the same as her father's, $45 per share.
[c] jane's cost basis would be the price at the time the shares were transferred, $60 per share.
[d] jane's cost basis would be the price at the time of sale, $65 per share.