What is the amount and nature of phils gain

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Reference no: EM13755392

Phil’s father died on January 10, 2014. The father had owned stock for 20 years with a basis of $45,000. Phil inherited the stock on August 10, 2014, when the stock was worth $430,000. The stock was worth $566,000 at the date of the father’s death. Phil sold the stock for $545,000 net of commissions on November 23, 2014. What is the amount and nature of Phil’s gain or loss from disposition of this property?

a. Long-term capital gain of $500,000.

b. Long-term capital gain of $115,000.

c. Long-term capital loss of $21,000.

d. Long-term capital gain of $545,000.

Reference no: EM13755392

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What is the amount and nature of phils gain : Phil’s father died on January 10, 2014. The father had owned stock for 20 years with a basis of $45,000. Phil inherited the stock on August 10, 2014, when the stock was worth $430,000. The stock was worth $566,000 at the date of the father’s death. W..

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