Roy purchased a Remington bronze sculpture for $35,000. Seven years ago, when it was worth $75,000, Roy gifted the sculpture to an irrevocable grantor trust. Roy is the owner of the trust, but the trust document says it will not become part of Roy's estate. Which of the following statements is TRUE?

The basis of the sculpture after Roy's passing will be:
$35,000
$75,000
The fair market value on the date of Roy's death.
The fair market value nine months after the date of Roy's death.