$$Pete$$s father died on January $4,2023.$ The father had owned stock for JUST $10$ months $($bought it on March $4,2022$ for $$145,000)$ and the stock was transferred to Pete through his dad$$s estate on January $19,2023,$ a mere $15$ days after Dad died. The stock had more than doubled in value since its purchase! So it was worth $$300,000$ on January $4,2023$ and went up even more to $$320,000$ on January $19,2023,$ when Pete actually got the stock. Pete hates stocks so he sold the stock for $$304,000,$ net of commissions, on May $15,2023,$ and invested $$250,000$ in a state and local tax$-$free bond. He used the rest to fund his vacation to Ireland last summer! Now he is getting ready to file that $2023$ tax return $$ and wants your advice!  

 

What is $-$

$(1)$ the dollar amount that Pete will need to report as gain or loss on the sale of this stock, and

$(2)$ the nature $($long term or short term? capital gain$($loss$)$ or ordinary income$($loss$))$ arising from disposition of this property?