Gail sell her GE stock to her brother Jeff this year. Gail's basis of the stock is $5,000 and she sold to Jeff for $3,500. Later, Jeff sold the stock to an unrelated person for $7,000.
A. How much is Gail's gain/loss on this transaction?
B. How much is Jeff's gain/loss?
C. How much is Jeff's gain/loss if he sold the stock for $4,500?
D. How much is Jeff's gain/loss if he sold the stock for $3,300?
