Elliot sells some stock to his sister, Nancy, for $4,000. His basis in the stock is $6,000. What is the effect of the sale on Elliot and Nancy if several years later: Enter all amounts as positive numbers. a. Nancy sells the stock for $7,000. The gain on sale by Nancy is $ which is reduced by Elliot's disallowed loss of $ and her recognized gain is $ b. Nancy sells the stock for $5,000. The gain on the subsequent sale is only $ Nancy may only use $ of Elliot's disallowed loss to offset her gain. c. Nancy sells the stock for $2,000. be used to Nancy's loss on the subsequent sale. Nancy recognizes a Elliot's disallowed loss $ loss