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Rich Uncle died on May 15, 2020, leaving you 10,000 shares of ABC stock. Here are some additional facts The stock was valued at $28

Rich Uncle died on May 15, 2020, leaving you 10,000 shares of ABC stock. Here are some additional facts

The stock was valued at $28 per share on May 15, 2020.

You finally received the stock from the executor of Uncles estate on October 1, 2020, when it was valued at $30 per share.

You sold all 10,000 of these ABC shares on November 1, 2020, for $36 per share.

Uncle himself had just purchased those 10,000 ABC shares in April 2020 at $24 per share.

On your 2020 tax return, what total dollar amount of income or gain, if any, and of what character (ordinary income? capital gain? some of each?) will you include in your gross income on these facts? Explain in 2-3 sentences (unless your answer is $0, in which case thats all you need to say).

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