Taylor inherited 100 acres of land on the death of his father in 2014.A Federal estate tax return was filed and this land was valued therein at $650,000,its fair market value at the date of the father's death.The father had originally acquired the land in 1968 for $112,000 and prior to his death he had expended $20,000 on permanent improvements.Determine Taylor's holding period for the land.

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Section 1223(9)provides that the holding period for inherited property is automatically long-term regardless of whether the property is disposed of at a gain or a loss.

Taylor Inherited 100 Acres of Land on the Death of His