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In 2007, Jennifer received stock from Betsy worth $50,000 at the time of the GIFT. At the time of the gift, Betsy's adjusted basis in the stock was $75,000. What is the gain or loss that Jennifer should report for 2013 if she sold the stock to Olga in 2013 for $60,000 (ignore any gift tax that may have been paid on the transfer from Betsy to Jennifer)?

a. There is no gain or loss

b. $60,000 gain

c. $10,000 gain

d. $15,000 loss

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