On $12/12/20,$ Larry inherited a beachfront house from your father Gerry. Gerry bought it in $1956$ for $$96,000$; nevertheless, the BPO as of $12/3/20,$ was $$1,236,000.$ On $2/1/21,$ after Larry sold his primary residence on $1/31/21,$ he moved into the inherited house and started using it as his primary residence. Nevertheless, on $11/28/21,$ he sold the inherited house for $$1,325,000$ and incurred the following selling expenses: realtor commission of $6\%$ of the sales price of the home, transfer tax of $$2,500,$ state filing fee of $$150,$ and $$8650$ for property taxes $($from $2/1/21$ to $11/28/21).$ What is Larry's gain on the sale of the inherited property? What is his taxable income and income tax assuming Larry has a capital gains rate of $20\%?*$hint: the sale must not produce a loss