Question: John's father, Emile, died on January 15of this year. Emile had owned stock for 10 years. It had a basis to Emile of $100,000. He gave the stock to Emile in 2016, at a time when it had a value of $300,000. On January 15 when Emile died, the stock, now owned by John, was worth $400,000. John sold the stock for $500,000 net of commissions on April 1of this year.
What is the amount and nature of John's gain or loss from sale of the stock?
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