Encore Industries owned investment securities with a book value of $45 million on August 12. At that time, Encore’s board of directors declared a property dividend consisting of these securities. The fair value of the securities was as follows:

Declaration – August 12                              $ 58    million    

Record date – September 1                            62    million    

Distribution date – September 20                    60    million    

What amount of gain should Encore recognize in earnings in connection with this property dividend?