Mrs. Smith bequeathed to her son a tract of real estate that had a fair market value on the date of her death of $1,000,000 and an adjusted basis of $200,000. Mrs. Smith's son sold the real estate for $1,225,000. What is the amount of taxable gain that he must recognize from this sale? $225,000 $800,000 $675,000 $1,025,000