Shontelle Received a Gift of Income-Producing Property with an Adjusted

Multiple Choice

Shontelle received a gift of income-producing property with an adjusted basis of $49,000 to the donor and fair market value of $35,000 on the date of gift. No gift tax was paid by the donor. Shontelle subsequently sold the property for $31,000. What is the recognized gain or loss?

A) $0
B) ($4,000)
C) ($10,000)
D) ($18,000)
E) None of the above