Taylor inherited 100 acres of land on the death of his father in 2020. $650,000 was its fair market value at the date of the 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: