Phil's father died on January 10, 2017. The father had owned stock for 20 years with a basis of $45,000 that was transferred to Phil as a gift on August 10, 2016, when the stock was worth $430,000. His father paid no gift taxes. This stock was worth $566,000 at the date of the father's death. Phil sold the stock for $545,000 net of commissions on February 23, 2017. What is the amount and nature of Phil's gain or loss from disposition of this property?

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The Answer of Phil's father died on January 10, 2017. The father had owned stock for 20 years with a basis of $45,000 that was transferred to Phil as a gift on August 10, 2016, when the stock was worth $430,000. His father paid no gift taxes. This stock was worth $566,000 at the date of the father's death. Phil sold the stock for $545,000 net of commissions on February 23, 2017. What is the amount and nature of Phil's gain or loss from disposition of this property?

Phil's Father Died on January 10, 2017