@JFS0409 , while generally agreeing with the excellent reply from @MarilynG1 , if this was a transfer from a foreign individual ( NRA), the basis of the property for you is still the basis of the donor -- so while FMV may impact the 3520 regs , the sale and profit/loss is based on the donor's basis at the time of the gift. Generally 3520 is dealing with cash gifts from international donors.
pk
