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Bob inherited some land from his father in February, 2021. The land was the bulk of his fathers estate and had been held for investment.

Bob inherited some land from his father in February, 2021. The land was the bulk of his fathers estate and had been held for investment. Bobs father had an A/B in the land of $500,000. Its FMV at the time of his death was $1,200,000. Six months after his death, the value was $1,250,000. Bob sold the land in November, 2021 for $1,300,000. What is Bobs A/B in the property? What is the realized and recognized gain? What is the character of the gain? (i.e. long-term or short-term)

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