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what is the answer to this? Phil's father died on January 10, 2021. The father had owned stock for 20 years with a basis of
what is the answer to this?
Phil's father died on January 10, 2021. The father had owned stock for 20 years with a basis of $25,000 that was transferred to Phil when he died. At that point the stock was worth $225,000. His father paid no gift taxes. This stock was worth $660,000 in December 2021! On January 5, 2022 Phil sold the stock for $545,000, net of commissions, to his SISTER Phyllis! What is the amount and nature of Phil's gain or loss from disposition of this property Step by Step Solution
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