Tobin inherited 100 acres of land on the death of his father on October 15, 2018. A federal estate tax return was filed and the land was valued at $300,000 (its fair market value at the date of death). His father had originally acquired the land in 1972 for $19,000 and prior to his death had made permanent improvements of $6,000. Tobin sells the land on December 20, 2018 for $280,000. What is Tobin's realized gain or loss and what is the nature/character of the loss?