Nick owned a parcel of land that he inherited from his Aunt Maria. Maria had purchased the land in 1993 for $30,000. At the time of her death (December 25, 2015) in 2015, the land had a fair value of $75,000. The executor did not use the alternate valuation date for the land. Nick sold the land in March of 2016 for $73.000. Nick held the land as investment property. What is the realized and recognized gain or loss and what is the type of gain or loss on the transaction