Faith inherited an undivided interest in a parcel of land from
her father on February 15, 2011. Her father had purchased the land
on August 25,1965, and his basis for the land was $325,000. The
fair market value of the land is $1,250,000 on the date of her
father’s death and is $1,100,000 six months later. The executor
elects the alternate valuation date. Faith has nine brothers and
sisters and each inherited a one-tenth interest. What is Faith’s
adjusted basis for her one-tenth undivided interest?