Noelle Received Dining Room Furniture as a Gift from Her

Multiple Choice

Noelle received dining room furniture as a gift from her friend, Jane.Jane's adjusted basis was $9,200 and the fair market value on the date of the gift was $7,000.Noelle decided she did not need the furniture and sold it to a neighbor six months later for $6,500.What is her recognized gain or loss?

A) $0
B) ($500)
C) ($2,700)
D) $6,500