Kelly inherits land which had a basis to the decedent of $95,000 and a fair market value of $50,000 on August 4, 2011, the date of the decedents death. The executor distributes the land to Kelly on November 12, 2011, at which time the fair market value is $49,000. The fair market value on February 4, 2012, is $45,000. In filing the estate tax return, the executor elects the alternate valuation date. Kelly sells the land on June 10, 2012, for $48,000. What is her recognized gain or loss? (3pts) ($1,000). ($2,000). ($47,000). $1,000. None of the above