Sally, mother of Tally and Wally, owned 100 acres of undeveloped land when she died on October 1, 2012. Sally had acquired the land in 1978 for $20,000. Sallys Will was admitted to probate, and the Will specifically devised the 100 acres of undeveloped land to Sallys children Tally and Wally, as tenants in common. No estate tax return was required to be filed but several appraisals were acquired which all concluded that the fair market value as of the date of Sallys death was $300,000. Tally and Wally both survived Sally, and the land was distributed to Tally and Wally in 2013 when the property was still worth $300,000. Tally and Wally did not make any improvements to the land, and in 2018, Wally transferred Wallys undivided one-half interest as tenant-in-common to Tally. At the date of the transfer to Tally, the fair market value of Wallys undivided one-half interest as tenant in common was $800,000. After the transfer, how much is Tallys basis in the 100 acres of undeveloped land?

a. $300,000

b. $550,000

c. $950,000

d. $325,000