Problem
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?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.