10. Gifted Property. (Obj. 1) Darren gave stock worth $27,000 to his son. Darren paid $9,000 for the stock back in 1954. The full $27,000 value was subject to gift tax, and Darren paid $5,000 of gift tax on the transfer. In 2018, the son sold the stock for $42,000. a. Compute the son's recognized gain or loss assuming that the gift took place in 1970. b. Same as in Part a, except that the gift took place in 1985