1. Izzy owned a tract of undeveloped land that she held for a long time that grew in value to ten times the $20,000 that she paid for it. On April 15, 2020, she signed the deed to the land over to her father Herman, age 95, for no consideration. Unfortunately, Herman died on November 10, 2020, but his will bequeathed the land to Lizzy, who is Izzys daughter. The value of the land stayed the same during the time Herman owned it. Lizzy sold the land to a developer on June 20, 2021, for $220,000. What is the amount and nature of Lizzys gain? (choose one)
   1. $20,000 long-term capital gain
   2. $20,000 short-term capital gain
   3. not enough information to determine
   4. $200,000 short-term capital gain
   5. $200,000 long-term capital gain
   6. None of the above
2. True or False The at risk rules of section 465 were superseded by the section 469 passive loss rules.