Katherine purchased land for $100,000 in 1985. The land was valued at $700,000 on July 1, 2013, when Katherine died. Katherine's son John inherited the land in 2013. What basis would John have in the land as a result of the 2013 inheritance?
a. $700,000
b. $100,000
c. $0
d. Katherine's adjusted basis on July 1, 2013 (if different than $100,000)