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 $41,000 to the donor and fair market value of $38,000 on the date of gift.Gift tax of $6,000 was paid by the donor.Shontelle subsequently sold the property for $36,000.What is the recognized gain or loss?

A) $3,000.
B) ($3,000) .
C) ($4,000) .
D) ($10,000) .
E) None of the above.