Business property.
If you hold the gift as business property, your basis for figuring any depreciation, depletion, or amortization deduction is the same as the donor's adjusted basis plus or minus any required adjustments to basis while you hold the property.
See https://www.irs.gov/publications/p551#en_US_201812_publink1000257004
Essentially, everything carries over for this purpose with the exception of any passive loss carryovers (which are added to the basis of the property).
