Taylor Inherited 100 acres of land on the death of his father in 2020. $650,000 was in the fair market value at the date of his fathers death. The land was worth $700,000 on the alternate valuation date(6 months after the date of death). The father acquired the land in 1974 for $112,000. Prior to his death , he had expended $20,000 on permanent improvements. Taylors basis in the land is ?

A- $650,000

B- $112,000

C$132,000

D- None of the above

E- $700,000