Assume Mickey dies in June of this year and Mike inherits his dad’s Exxon stock, worth $350,000 at the time of his death.

7. Assume Mickey dies in June of this year and Mike inherits his dad’s Exxon stock, worth $350,000 at the time of his death. If Mike sells the stock before the end of the year for $400,000, what are the tax consequences? 

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