Eden purchased 2,000 shares of IBC corporation three years ago for $32 per share. The shares are currently at $11 per share on the stock market. Bob sells all of these shares on February 1 and then repurchases the same number of shares on February 22 for $11.50. What is the amount of gain/loss to be reported on bob's tax return for this year?

a. There is no gain or loss reported on the sale of these securities

b. Wash sale rules require the loss to be reported but it is offset by the difference in the selling and repurchase

c. The loss of $.50 per share will be reported in the current year

d. The loss equal to $32 minus $11 per share will be reported as a long term capital