5. Jerry inherits land from his uncle. His uncle had a basis of $20,000 in the land. On the date of his uncle's death, the fair market value of the land was $300,000. The estate tax attributable to the land was $65,000.Jerry sells the land for $275,000 6 months after inheriting it. What is Jerry's gain or loss recognized for federal income tax purposes? Is the gain or loss long or short term