Robert owns some investment land that has a basis of $1,000 and a fair market value of $22,000. He expects that it will continue to appreciate in value. Robert's uncle, Mike has a terminal illness and is expected to survive no more than six months. Robert would like to increase the basis of the land and has devised a scheme in which he gifts the land to Mike. When Mike dies, Robert will inherit the land. Mike has agreed to participate in the plan; however, Robert wants you to confirm what his basis will be when he inherits the land from Mike.