On June 20th of the current year, Richard received 100 shares of stock as an inheritance from his uncle who died on January 20 this year. His uncle's adjusted basis in the stock was $45,000. The stock...

On June 20th of the current year, Richard received 100 shares of stock as an inheritance from his uncle who died on January 20 this year. His uncle's adjusted basis in the stock was $45,000. The stock had a fair market value of $55,000 on January 20. On the date Richard received it (June 20), its value was $68,000. Richard’s basis in the inherited stock is