6. An individual's loss on a transaction entered into for personal purposes is deductible if a. The loss does not exceed $3,000. b. The loss qualifies as a personal casualty or theft loss from a disaster area. c. No part of the transaction was entered into for a profit. d. The loss can be characterized as a hobby loss. _7. Trent sold stock, which he had owned for two years and had a cost basis of $8,000, to Mary (his sister) for $6,000. Mary held the stock for six months before selling it to her unrelated friend for $9,000. As a result of the sale, Mary will a. Report no gain or loss b. Report a $1,000 short-term capital gain c. Report a $1,000 long-term capital gain d. Report a $3,000 short-term capital gain e. Report a $3,000 long-term capital gain