Paul passed away recently and left his nephew a large cap stock fund. The fair market value (FMV) on the date of Paul's death was $515,000. The FMV 3 months after Paul's death was $512,000, and the FMV 6 months after Paul's death was $509,000. If the administrator of the estate selects the alternate valuation date, what will the nephew's basis be, and will it be considered a short-term or long-term holding period