Bruce sold his investment land to his brother Billy this year. Bruce's basis of the land is $12,000, and he sold it to Billy for $8,000. Billy sold the land to an unrelated person for $9,000 later this year. How much is Billy's recognized gain or loss?

A. A gain of $1,000.

B. A loss of $2,000.

C. A loss of $3,000

D. No gain or loss.