Kelly inherits land which had a basis to the decedent of $95,000 and a fair market value of $50,000 on August 4, 2017, the date of the decedents death. The executor distributes the land to Kelly on November 12, 2017, at which time the fair market value is $49,000. In filing the estate tax return, the executor elects the alternate valuation date. Kelly sells the land on June 10, 2018, for $48,000. What is her recognized gain or loss?

a. ($1,000). b. ($2,000). c. ($47,000). d. $3,000 gain.