My question involves real estate located in the State of Minnesota:
In 1991, my parents, by way of a quit claim deed, included each of their children as owners of their principal residence, and retained a life estate. In 2015, after my parents no longer lived there, the property was sold, with the proceeds divided between the parents and their children, based on the current life estate tables and the parents' ages. For purposes of gift taxes to the parents and income taxes to the children, what was the date and basis/value of this gift?

