Chul purchased 100 shares of GameStop stock in January 2021 for $80 per share. In July 2022, when the stock was trading at $30 per share, Chul died, bequeathing all 100 shares to his friend Danny. In August 2023, when the stock was trading at $20 per share, Danny sold all of the shares for cash. How much gain or loss on the stock does Danny recognize on the sale? 

Loss of $6,000

Loss of $5,000 

Loss of $1,000 Zero (i.e., no gain and no loss) 

Gain of $2,000