Just prior to a major medical procedure, Cody gives his son, Liam, stock in Robin Corporation (fair market value of $500,000 and basis of $700,000). At the time of the gift, Cody held some unused capital losses. The surgery is unsuccessful, and after Cody's death, Liam sells the stock for $800,000. What if the gift had not been made and the stock passed to Liam as a bequest from Cody?