Phil's Father Died on January 10,2014

Essay

Phil's father died on January 10,2014.The father had owned stock for 20 years with a basis of $45,000 that was transferred to Phil as a gift on August 10,2013,when the stock was worth $430,000.His father paid gift tax of $31,000.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 23,2014.What is the amount and nature of Phil's gain or loss from disposition of this property?