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What is Pekoe recognized loss

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Problem - Pekoe sold stock to his sister Rose for $12,000, its fair market value. Pekoe bought the stock 5 years ago for $16,000. Also, Pekoe sold Earl (an unrelated party) stock for $6,500 that he bought 3 years ago for $8,500. What is Pekoe's recognized loss?

a. $6,500

b. $4,000

c. $3,000

d. $2,000

e. $1,000

Reference no: EM132704067

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