1) The net is irrelevant.

2) The proceeds aren't taxable, but any gain is (after considering stepped up basis & selling costs). Term on the gain goes back to term as held by father (so likely long-term).

3) Any loss (after considering stepped up basis & selling costs) may or may not be deductible.'

4) $ 52000 x 4 = $ 208,000 yet net proceeds are $ 311,000 ?   Something doesn't math.