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