Response to the following problem:
Deirdre sold 100 shares of stock to her brother, James, for $2,400. Deirdre purchased the stock several years ago for $3,000.
a. What gain or loss does Deirdre recognize on the sale?
b. What amount of gain or loss does James recognize if he sells the stock for $3,200?
c. What amount of gain or loss does James recognize if he sells the stock for $2,600?
d. What amount of gain or loss does James recognize if he sells the stock for $2,000?