Charlie owns a tract of undeveloped land held as an investment that has an adjusted basis to Charlie of $145,000. If Charlie sells the land to his son, Otis, for $105,000, the fair market value of the property, which of the following is a correct statement as to Otis basis in the land?

a. Otis basis in the land is $105,000. b. Otis basis in the land is $105,000 provided that Otis does not sell the land within two years after the date that the land is transferred to Otis. c. Otiss basis in the land is $145,000. d. None of the above is correct since this transfer is considered part gift part sale.