Mike, a real estate broker in California, recently inherited a farm from his deceased uncle and plans

Question:

Mike, a real estate in California, recently inherited a farm from his deceased uncle and plans to sell the farm to the first available buyer. His uncle purchased the property 12 years ago for $600,000. The FMV of the farm on the date of the uncle’s death was $500,000. Mike sells the farm for $520,000 seven months after his uncle’s death. What tax issues should Mike consider?
Broker
A broker is someone or something that acts as an intermediary third party, managing transactions between two other entities. A broker is a person or company authorized to buy and sell stocks or other investments. They are the ones responsible for...