Essay
Phil's father died on January 10, 2012.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, 2011, 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, 2012.What is the amount and nature of Phil's gain or loss from disposition of this property?
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