Cotte Inc. has three shareholders, Phil, Bill, and X Company. Each shareholder owns $100$ shares of common stock. On July $1$ of this year, Cotte Inc. redeemed $30$ shares from each shareholder. In return, each shareholder received $$10,000.$ The reason Cotte Inc. redeemed the shares was because it sold one of its businesses it actively had been conducting for a couple decades. Phil acquired the shares ten years ago and his adjusted basis in his $100$ shares was $$3,000$ at the time of the redemption. As a result of the redemption what is the type and amount of Phil$$s income, if any?