Sam, one of your clients, owns a parcel of real estate. He would like to transfer it to his good friend, Celia, partially as a sale and partially as a gift. Celia will need to know how to calculate her tax liability on this transaction. What factors should Celia consider when determining the tax implications of this transfer?
a) The fair market value of the property
b) Sam's basis in the property
c) Any gift tax exemptions available
d) All of the above