John gave his son Joe some land that had been in the family for years. The FMV at the time of the transfer, was $$200,000.$ John inherited the land from his Father years before when the FMV was $$120,000.$ What is Joe's basis in the land and if he immediately sells the land is it considered a long$-$term or a short$-$term holding? A$.$ $$120,000$ Short$-$Term B$.$ $$120,000$ Long$-$Term C$.$ $$200,000$ Short$-$Term D$.$ $$200,000$ Long$-$Term $($D$.$ is incorrect$)$