In the current year, Madison inherited investment property from a parent's estate with a fair market value of $200,000. The parent had a basis in the asset of $100,000. Madison sold the property for $150,000 in the year the parent died. What is Madison's gain or loss on the sale? A. $50,000 short-term gain. B. $50,000 long-term gain. C. $50,000 short-term loss. D. $50,000 long-term loss.

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