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You would pay tax at your (possibly) lower rate. The even better news is that when you inherit property its basis (the value against which you later compute gain/loss) gets "stepped up" to the value on the date of death. This means that you don't have to pay tax on any gain that your benefactor produced for you. I believe that when you finally sell you also get to use the original acquisition date as your acquisition date in order to determine short term vs long term gain/loss. You should check this to be certain.
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