nicole inherited several acres of land upon the death of her grandmother. nicole's grandmother had owned the land for 20 years and had a basis in the property of $8,000. at the date of death, the land was valued at $38,000. nicole sold the property eight months after receiving it from the estate. what is the amount of nicole's basis in the land and her holding period? multiple choice question. basis = $8,000; long-term holding period basis = $38,000; long-term holding period basis = $38,000; short-term holding period basis = $8,000; short-term holding period