？
Is that a recent photo?
Literal
That [topic-は] recent [genitive-の] photo?
A casual yes/no question with no overt question marker — just rising intonation in speech, or ? in writing. The copula だ is dropped, which is normal for casual questions ending in a noun phrase. の links 最近 (recent) to 写真 (photo) the way English uses an adjective — 最近の is 'recent's' or 'of recent.'