federal taxarion course

(4) On August 15th, Timmy received 100 shares of ABC Corp. stock as an inheritance from his mother, Mona, who had died on February 27th. Timmy sold all 100 shares the very next day, August 16th, for $75,000. Additional facts: Tammy, the executor of Mona's estate, elected the alternate valuation date. Mona had purchased the 100 shares of ABC Corp. stock on Feb. 4th of Year X for $45,000. The FMV of 100 shares of ABC Corp. stock on Feb. 27th was $50,000. The FMV of 100 shares of ABC Corp. stock on Aug. 15th was $74,000. The FMV of 100 shares of ABC Corp. stock on Aug. 27th was $80,000. All of these events occurred within the same calendar year. State the (i) total amount and (ii) character of the income or gain, if any, that Timmy must recognize on his tax return for that year on these facts