Josephine gave her son, Shane 700 shares of Creative Marketing Incorporated, common stock on May 26, 2019. Josephine originally paid $9,000 for the stock on April 15, 2019. At the date of the gift, the fair market value of the stock was $8,500. If no gift tax is paid and Shane sells the stock for $5,500 on May 26, 2020, he will recognize Multiple Choice a short-term capital loss long-term capital loss an ordinary loss no loss because Josephine already recognized the loss when she gave the stock to Shane