Les paid $22,000 for stock in ABC Company. In January of this year, Les sold the stock for its $15,000 fair market value to his son, Manny. Three months later, Manny sells the stock to an unrelated party for $13,000. The gain (loss) that Les and Manny recognize on their respective tax returns from the sale of this stock are:

a. $0 and ($2,000), respectively.

b. ($7,000) and $0, respectively.

c. ($7,000) and ($2,000), respectively.

d. $0 and ($9,000), respectively.