Caitlyn inherited a building from her uncle that passed away. The uncle acquired the
building on June 3, 2024 and Caitlyn inherited the building on September 16, 2024. The
uncle’s basis in the building is $300,000 and the fair market value of the building at the
time of his death was $320,000. What is Caitlyn’s basis and holding period in the
building?
a. $320,000; long-term
b. $300,000; long-term
c. $300,000; short-term
d. $320,000; short-term