George purchased stock in 2015 for $15,500. He gave the stock to his son, William, in 2017. On the date of the gift the FMV of the stock was $11,500 and no gift tax was paid on the transfer. William later sold the stock for $8,000. What is Williams recognize gain or loss on the sell of the stock:

	a.	Loss of $4,000
	b.	Gain of $8,000
	c.	Loss of $7,500
	d.	Loss of $3,500
	e.	none of the above