9. Jack purchased 100 shares of Ford stock on April 22, 2017. If he sells the stock on April 21, 2018, what is the character of the sale?

a) If the sale produces a gain, the gain is taxed at preferential rates because the holding period requirement does not apply to stock sales.

b) If the sale produces a loss, the entire loss can be taken only in the year of the sale because the stock was held for less than one year.

c) Regardless of whether the sale produces a gain or loss, the transaction qualifies for preferential treatment because the asset sold is stock.

d) Regardless of whether the sale produces a gain or loss, the transaction does not qualify for preferential treatment because the stock was not held for more than one year.