In April 2015, Tim makes a gift of real estate (basis of $900,000; fair market value of $800,000) to his Aunt Mabel. After the gift, Mabel makes $50,000 worth of capital improvements to the property. Mabel dies in March 2016, when the property is worth $840,000. Under Mabel's will, the realty passes to Tim. Tim's income tax basis in the property is