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Eric exchanges undeveloped real estate for developed real estate on May 3, 2013. On May 3, 2013, the fair market value of each property is $500,000. Eric had purchased the undeveloped real estate on February 11, 2009, for $600,000. Which of the following is TRUE?

a. Eric's basis in the developed real estate is $500,000

b. Eric's basis in the undeveloped real estate was $500,000

c. Eric's holding period begins on May 3, 2013 for the developed real estate

d. Eric's holding period begins on February 11, 2009 for the developed real estate

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