Phil's Father Died on January 10, 2018

question 109

Essay

Phil's father died on January 10, 2018. The father had owned stock for 20 years with a basis of $45,000 that was transferred to Phil as a gift on August 10, 2017, when the stock was worth $430,000. His father paid no gift taxes. This stock was worth $566,000 at the date of the father's death. Phil sold the stock for $545,000 net of commissions on February 23, 2018. What is the amount and nature of Phil's gain or loss from disposition of this property?

---

Definitions:

Telemental Health

The delivery of mental health services and support through telecommunications technology, such as video conferencing, to improve access to care.

Videoconferencing

The use of video and audio technologies to conduct meetings or conversations between participants in different locations.

Social Anxiety Disorder

A mental health condition where an individual experiences intense fear and anxiety in social situations, worrying about being judged or embarrassed.

Self-Diagnose

When an individual identifies their own medical or psychological condition without professional evaluation.