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| Simmons gives her child a gift of publicly-traded stock with a basis of $40,000 and a fair market value of $30,000. No gift tax is paid. The child subsequently sells the stock for $36,000. What is the child’s recognized gain or loss, if any? A. $4,000 loss. B. No gain or loss. C. $6,000 gain. D. $36,000 gain. |