Question: I 5 : 5 - 3 1 Mike, a real estate broker in California, recently inherited a farm from his deceased uncle and plans to

I5:5-31 Mike, a real estate broker in California, recently inherited a farm from his deceased uncle and plans to sell the farm to the first available buyer. His uncle purchased the property 12 years ago for $600,000. The FMV of the farm on the date of the uncles death was $500,000. Mike sells the farm for $520,200 seven months after his uncles death. What tax issues should Mike consider?

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