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