If a gift of property has a fair market value below the donor’s basis, what is the basis and the holding period of the gift to the recipient?

A taxpayer inherited property from a deceased relative. The fair market value at the date of death was $20,000. An alternative valuation date was elected by the executor of the estate. The property was worth $18,000 six months later and was worth $24,000 when it was distributed to the taxpayer 9 months later. It had a cost basis to the deceased of $4,000. If the beneficiary sold the property for $23,000, what would be the recognized gain by the taxpayer and the nature of the gain?

In Year 4, Julie received a gift of 20 shares stock valued at $30 per share from an uncle that the uncle had held since Year 1. In Year 1, the stock was purchased at $20 per share. At the date of the gift, the basis and holding period of the gift were:

Per tax regulations for the year 2020, of a decedent’s estate, which amount would be effectively the maximum applicable for estate and a gift tax credit?