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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 fair market value of the farm on the date of the uncle's death was $500,000. Mike sells the farm for $520,000 seven months after his uncle's death. What issues should Mike consider? you need to find the relevant tax authority.

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